<Saskatoon, Canada>

AssetManagement
Reportfor the 9 th FP

From July 1, 2021 to December 31, 2021

Canadian Solar Infrastructure Fund, Inc
2-1-1 Nishi-Shinjuku, Shinjuku-ku,
Tokyo 163-0450 Japan
https://www.canadiansolarinfra.com/en/

Cleaner Energy
for the Next
Generation
To Our Investors

Contents

On behalf of the Canadian Solar Infrastructure Fund, Inc.（hereinafter referred to as“CSIF”）, I would
like to express sincere appreciation to all unitholders for their continued patronage and support.
CSIF is determined to maximize unitholder value by making efforts to achieve efficient investment,
taking advantage of the vertical integration model of the Canadian Solar Group and external growththrough the acquisition of facilities mainly from the sponsor pipeline to provide stable distribution.
In pursuit of these initiatives, we expect the continued understanding and suppor t of all unitholders.
Executive Director
Canadian Solar Infrastructure Fund, Inc.
CEO and Representative Director
Canadian Solar Asset Management K.K.

Hiroshi Yanagisawa

00 To Our Investors
02 Financial Highlights
03 T rack Record of Consistent E x ternal
Growth16 Financial Summary/Information
17 Asset Management Report
00 Statement of Income

05 Unique Aspect of the Fund

00 Statement of Changes
in Unitholders’ Equity

08 To Carbon Neutrality

00 Notes

10 Effort in ESG

00 Statement of Cash Distribution

12 Portfolio

66 Statement of Cash Flow

13 Sponsor Pipeline
14 Portfolio Overview

P900 Balance Sheet

04 Canadian Solar Group06 Management Interview

Feature Storyfor Unitholders

ESG finance andJapan’s carbon
neutrality
policies

Financial Highlights

T r a c k R e c o r d o f C o ns is t e nt Ex t e r na l G r o w t h

Key Indicators for the 9th FP

As of Dec. 31, 2021

Carbon Emissions (9th FP)

Carbon Emissions (cumulative) Jan.2020 – Dec.2021

41,599kg-co

82,391kg-coDistribution Per Unit for the 9th FP

Operational Revenue for the 9th FP

2

JPY

3,750

JPY

25 PV Facilities

the end of the 8th FP, making it the largest player in the listed infrastructure fund market.
CSIF will continue to lead the market as the largest listed infrastructure fund by asset size.

3,587minTrack Record of Consistent External Growth (acquisition price basis)
IPO acquisitions (Oct 2017)

JPY
Total Acquisition Price

JPY

80.00bin

1,122minPanel Output of AUM

183.9MWFirst PO (Sep 2018)

Acquired
13 projects with
72.7MW total
panel output

CS Mashikimachi PP

Net Income for the 9th FP

1,344min# of Projects

As a result of the acquisition of new assets, which was completed during the 8th FP, CSIF held ¥80.0bn (acquisition value base) as of2

Operating Income for the 9th FP

JPY

CSIF has achieved continuous growth in asset size by sourcing projects from the abundant sponsor pipeline.

(100Mn yen)
1,000

2nd PO (Mar 2021)

Acquired 3 projects with
30.3MW total panel
outputCS Daisencho PP

2nd FPacquisitions

4th FPacquisitions

5th FPacquisitions

Acquired
2 projects with
2.5MW total
panel output

Acquired
2 projects with
3.2MW total
panel output

Acquired
1 project with
10.7MW total
panel output

400

115.3 426.3 13.2 439.5
301.1 9.9

CS Ogawaramachi PP

Acquired 2 projects with 60.9MW total
panel output

7th FPacquisitions

1,000

Acquired
2 projects with
3.3MW total
panel output

800
600

CS Hiji-machi
Dai-Ni PP

45.7 485.2

485.2

8.9

305.9 800.0 800.0

494.0

311.0

200
0

IPO
Oct 2017

2nd Fiscal
Period（period-ending
June 2018）

3rd Fiscal
Period（period-ending
December 2018）

4th Fiscal
Period（period-ending
June 2019）

5th Fiscal
Period（period-ending
December 2019）

6th Fiscal
Period（period-ending
June 2020）

7th Fiscal
Period（period-ending
December 2020）

8th Fiscal
9th Fiscal Medium
PeriodPeriod-term（period-ending（period-ending target
June 2021）December 2021）（Note）（Note) The medium-term target shown above is CSIF’s target as of Dec. 31, 2021, and does neither represent a guarantee nor promise that the target
will be achieved nor when it will be achieved.

Historical and Forecasted Dividend
Since its listing, CSIF has offered a stable dividend and achieved steady increases in dividends.
（JPY）
4,000
3,000

DPU (excl. distributions in excess of earnings)

3,600

3,650
+¥50

577

1,817

3,700

3,700

3,700

3,750

3,750

3,750

3,750

+¥50 708

601

924 +¥50 848

714

680

705

2,992

3,099

2,776

2,902

3,036

3,070

3,045

6th FP

7th FP

8th FP

9th FP

3,650
1,340

Per unit distributions in excess of earnings

2,000
3,073
1,000

0

1,783

3rd FP

4th FP

2,310

5th FP

10th FP（Forecast）11th FP（Forecast）12th FP（Forecast）（Note) Figures for the 10th~12th Fiscal Period are forecasts and are subject to change. They do not represent guaranteed distribution amounts.

2

3

C a na d i a n S o la r G r o up

Uniq ue As p e c t s o f t he F und

Canadian Solar Group, CSIF's sponsor, is a global company engaged in the manufacturing and sale of solar panels etc, as well as thedevelopment and operation of solar power plants, It was established in Ontario, Canada in 2001 and has been listed on the NASDAQ
stock exchange since 2006. The company had more than 14,000 employees in 25 countries and has annual sales of approximately$3.5 billion (approximately 400 billion yen at current exchange rates) for the fiscal year ending December 31, 2020. The group

Advantageous Operation Based on the Vertically-Integrated Model of the Group
Prominent knowledge acquired by the Group as the total solution provider of solar power generation is fully utilized for the operation of
CSIF. The uniqueness of the vertically integrated model of the group is shown as below.

entered the Japanese market in 2009 and has been selling solar panels for residential and industrial uses. The sponsor has also been
involved in the development of solar power plants since the early days of renewable energy, as the Feed-in Tariff system for solar
power generation started in Japan in 2012.

The image of the value chain of renewable energy business at Canadian Solar Group

Canadian Solar Infrastructure Fund, Inc.
The manufacturer of the most“Bankable”(qualified as lending subject)solar power module(by Bloomberg New Energy Finance 2020 Module
Bankability Survey)

Delivered solar panels amounting to over

63GW

total capacity

Over

24GW

Project ownersolar power plants(incl. Recurrent Energy)

Global Sponsor Pipeline (panel output) (note) (as of 2021)

olar
ase s
e
l
d
an
Own

APAC (ex Japan and China)

N. America

・Under construction:
approx. 115MW・Under development:
approx. 6.4GW

ects
proj
y
g
ener

are being built and developed globally

Lease PVfacilities

China

Latin America・O perational: approx.
202MW・U nder construction:
approx. 956MW・U nder development:
approx. 6.8GW

EMEA

・Underdevelopment:
approx. 4.5GW

・Underdevelopment:
approx.
2.3MW・Operational:
approx.
127MW（Note) Apart from the operational projects, the panel output shown above are the figures based on the development plans as of September 30,
2021. The above figures may differ from actual panel output after construction of the so lar power plants is completed.The same shallapply here inafter.

Silicon

rt
Ve

ic

y
a ll

-in

CS大山町発電所（A）

PV plant
management

ModuleCanadian Solar Group

Wafer
Ingot

Acquire PV
plantsPV plantdevelopment

Cell
Same boat
equityGrowthProvide O&M
services

Sponsor Support
Agreement

・Operational: approx. 62MW・Under construction: approx. 346MW・Under development: approx. 1.7GW

PV plant

teg

ra

m
te d

od

（incl. sponsor）

el

Developer

Canadian Solar Projects K.K.

$

O&M provider

Canadian Solar O&M Japan K.K.

Stable Bank Formation
Ten new financial institutions provided the debt financing at the timing of property acquisitions made during the 8th fiscal period,
bringing the total number of financial institutions to 23 as of the end of the 9th fiscal period. As a result, we have established a strongbank formation with Shinsei Bank, Sumitomo Mitsui Banking Corporation, Mizuho Bank, Bank of Mitsubishi UFJ, and Sumitomo Mitsui
Trust Bank as arrangers and co-arrangers, and we believe we have secured a financing structure for future asset scale expansion.

Global Offering
In the past three public offerings, including the IPO, CSIF has raised funds from both domestic and overseas investors through global
offerings. We believe that having overseas institutional investors as unitholders will enable us to manage our assets with an awarenessof global standards and improve the liquidity of our investment units in the market. It will also contribute to stabilizing our fund-raising
capacity in the future by expanding the number of institutional and individual investors in Japan.
45Management Interview

Aim to support the growth
Executive Director
Canadian Solar Infrastructure Fund, Inc.

of Renewable Energy Industry

CEO and Representative Director
Canadian Solar Asset Management K.K.

as the leading listed Infrastructure Fund

Hiroshi Yanagisawa

Ｑ３

What initiatives are you taking for
CSIF’s internal growth?

Ｑ４

Ｑ２

Ｑ１

6

Please explain the external growthstrategy of CSIF

It seems that the incidence of heavy
rains from typhoons, earthquakes andother natural disasters are increasing
in recent years. What are the measuresthat CSIF is taking?

Please tell us about CSIF’s dividend
policy.

All 25 power plants held by CSIF are projects being developed

In CSIF’s solar power plant business, it is difficult to promote

As you point out, we recognize an increase in the last few

CSIF has maintained a basic policy of stable dividend payouts.

by Canadian Solar Projects K.K., CSIF’s sponsor. As theinternal growth through rent revisions regarding its operating

years in the frequency of natural disasters that previously

The level of dividend per unit (including distributions insponsor is carrying out development on an ongoing basis, inassets, as electricity sales revenue under the feed-in tariff

occurred once every few decades according to media

excess of earnings) has been revised upwards three times byaddition to the pipelines that exceed the assets currently held

(FIT) regime is based on FIT prices fixed for each power plant.

reports. CSIF monitors the power plants using the Group’s

50 yen each time, compared to 3,600 yen in the 3rd fiscal

by CSIF in terms of value, the extensive sponsor pipelines will

Given that, we take steps to increase rent revenues at several

monitoring system, 24 hours a day, 365 days a year inperiod. We expect the level to reach 3,750 yen in the 9th

support the future growth of CSIF. Moreover, Japan Green

power plants through new initiatives based on specificcooperation with CSOM, to which CSIF commissions work forfiscal period. Although the final amount of distribution from

Infrastructure Fund (JGIF), a development fund establishedwholesale agreements with external retailers under which

the management and operation of power plants. It takes

net profit for each fiscal period may fluctuate against initialby the sponsor group in cooperation with external investors, isretailers purchase electricity at premium prices (premiums

prompt, appropriate measures during a disaster. We also

forecasts depending on the actual power generation amount,acquiring ex ternal development projects to add to its

added to FIT prices). Moreover, solar power plants in Kyushu

ensure that we make timely reports to investors by means

we endeavor to achieve the projected dividends in terms ofpipelines. Further, CSIF has been considering acquiring power

region to which the 30-day rule (rule setting a maximum of 30

such as press releases on the operation of power plants

the total dividend by appropriately using distributions inplants developed by third parties, in parallel with the above.

days of curtailment in cases where supply exceeds demand)

located in the area affected by the disaster. Moreover, as

excess of earnings. We plan to maintain similar dividend

Most recently, the acquisition of a plant located in Kama-shi,

applies, modification construction (on a voluntary basis) for

measures to prevent disasters, we work on maintenance andpolicy in the future.

Fukuoka prefecture was completed using external bridge

shifting to online curtailment has been completed as part ofmanagement, through monthly inspection and confirmation

financing for the first time. The asset is scheduled to beefforts to minimize the impact of curtailment. Further, on theof the status of power plant facilities, ground condition, drain

incorporated into CSIF’s portfolio at an appropriate time. We

assumption that output curtailment will start at power plants infacilities and the surrounding environment. We carry out

intend to accelerate the acquisition of assets developed byother regions, we will sequentially implement modification

maintenance and upgrades to detect at an early stage any

third parties in order to contribute to our external growth.

construction for shifting to online output curtailment in thesmall change that may lead to disaster, thereby ensuring

future.

disaster-resistant power plants.

M a n a g ement I nter v iew
7

T o C a rb o n Ne utr a lity
PM Suga in October of 2020 set a target to achieve zero greenhouse gas emissions by 2050 in his general policy speech.
Given the policies and forecasts released by the Japanese government, CSIF believes that renewable energy may make up a larger
portion of the supply of electricity generated in Japan.

Feature Story

ESG finance and Japan’s carbon neutrality policies
Investments and loans made by taking into account not only conventional financial information but also nonfinancial information, comprising environmental, social and governance factors, are called ESG finance. ESG
finance has attracted worldwide attention and in the last several years has been expanding dramatically inLong-term goal to reducegreenhouse emissions

Pledge to maximize use ofrenewable energy sources

Commence discussions
on carbon pricing rule

Japan. Needless to say, ESG finance has had a favorable impact on investments in investment units offeredby the Investment Corporation, loans from banks and the issuance of green bonds.
As ESG finance evolves and expands both in terms of quality and volume, moves to respond to the initiatives of the Task Force on Climate-

Zero greenhousegas emissions

×

Renewable energy to bepromoted as the＋main power sourceby 2050

in Japan’s energy mix

Actively devise
legislation on pricing
of carbon emissions

related Financial Disclosures (TCFD) and other opportunities for similar disclosure as well as "100% renewable" (RE100) and net carbon zerotarget setting are becoming increasingly active among global companies and issuing entities. In other words, investors and banks are positively
evaluating these ESG initiatives, while businesses also have become keenly aware of these initiatives as means to improve corporate value.
In Japan, since Prime Minister Yoshihide Suga made a policy speech in October 2020 on the establishment of goals for reducing greenhouse gas
emissions and achieving carbon neutrality by 2050, the Japanese government has been accelerating initiatives toward post-carbon society.
In circumstances where new currents are emerging, some forward-thinking global enterprises are now asking their business partners to set

Increase in renewableenergy within total energy mix

Promote use ofrenewable energy

emission reduction targets, conduct renewable energy procurement, etc. Initiatives to achieve the post-carbon society are shaping corporate
management strategies and leading to the creation of new business opportunities.

Aiming to Achieve Carbon Neutrality
In the 6th Basic Energy Plan approved by the Cabinet in October 2021, it was stated that "based on the basic premise of S+3E(Note), we
maximize the introduction of renewable energy while curbing the burden on the public and coexisting with local communities. The
16%. The government's target of renewable energy for 2030 is 36-38% of the total power supply, with solar power accounting for thewill thoroughly make renewable energy the main source of power, work on the principle of giving top priority to renewable energy, andgovernment's target power source ratio for 2030 is expected to be 36-38%, with solar power accounting for the largest share at 14largest share at 14-16%, so the role of solar power will be important for the time being.
（Note）The acronym stands for Safety, Energy Security, Economic Society, and Environment.

Breakdown of greenhouse gas Carbon emissions from electricity production makes up 35.7% of total carbon emissions in Japan, and theintroduction and wider use of renewable energy are expected to contribute towards lowering Japan’semissions in Japan(Note)carbon emissions.

Ratio of Renewable Energy in total Energy Mix Target : 36～38％
Solar power is expected to compose 14%~16% of the total renewable energy mix
Renewable Energy
Fossil fuelNuclear Coal
Nature Gas(Incl. LNG)

80

37.1

20.0
～22.0
2.0

60

6.8

（%）
100

40

31.9

20

6.2

0

18.0
FY2019■ Solar■ Wind■ Geothermal■ Hydro■ Biomass

5%

14～16%

19.0
21.0

36.0～
38.0

11%

(1.14bn tons)

1%（Note）Preliminary figures for FY2020 are used, and there may be differences from the finalized FY2020 figures to be released in 2022.

8

FY2020greenhousegas emissions

FY2030
renewable power
output target

FY2030Government target■ Energy related CO2 emissions (electricity)：36.7%■ Energy related CO2 emissions (non electricity)：47.5%■ Non energy related CO2 emissions：6.7%
2 9.2%■ Greenhouse gas emissions other than CO：

5%

36.7%

Renewable energy
sources

Fossil fuel

Reduced carbon
emissions with theutilization ofrenewable energy

Based on the judgment that it is essential to conduct a comprehensive review of the regulations that serve as barriers to this process, and topromote the necessary regulatory review and expedite the review process, the government established the "Task Force for Comprehensive
Review of Regulations Concerning Renewable Energy, etc." in November 2020 in order to achieve such regulatory reform with a sense of
speed. Many requests for deregulation and removal of regulations have been submitted and studies have begun in the areas of(1)location
restrictions, (2)grid regulations, (3)market restrictions, (4)coexistence with local communities, and(5)others.

9

E ff o r t i n E S GIntroduction
Canadian Solar Asset Management K.K. (“CSAM”) serves as an asset manager of Canadian Solar Infrastructure Fund, Inc. (“CSIF”)
which invests mainly in renewable energy power generation facilities. Canadian Solar Project K.K. (“CSP”) is a developer of PV projects
and a sponsor for CSIF and CSAM. CSAM together with CSP has contributed to building a sustainable economic society in local regions

Risk
Management

while paying a great attention to the global environment. Thus, CSAM has run its asset management business with its focus on theenvironmental aspect among the ESG initiatives. In addition, CSAM fully recognizes that considering the social and governance aspects
in the asset management operations is also deemed extremely important by investors and fund managers in Japan and overseas with a

Metrics
and Targets● Photovoltaic Climate-Related Risks"/Opportunities
Evaluate the level of importance by considering "impact on business," "relevance to business strategy," and "level of interest of
stakeholders.
● Management Process
Organize the identified significant risks in terms of "risk identification and recognition methods," "risk limits," "risk mitigation measures,""risk mitigation methods when risks are discovered," etc.
●●

Recognized the 2030 government target based on the Sixth Basic Energy Plan as an important indicator
Promote installation of online curtailment controllers

focus on SRI. Under such circumstances, CSAM believes that active, appropriate disclosure of information about its initiatives will be
more important going forward; therefore, CSAM set forth its“Approach into UN PRI” as ESG basic policy late December of 2020.
CSAM has facilitated the “Contribution to the Global Environment” via an increased installment of renewable energy facilities in Japan

External Certification and Recognition Related to ESG

since IPO of CSIF. Going forward, CSAM would like to make an opportunity for SRI available for investors by “Realizing A Sustainable

On May 11, 2020, CSIF obtained Green 1 (F) rating, the highest overall rating in the JCR Green Finance evaluation, for the framework

Society” and “Vitalizing A Regional Society” as for the social and governance aspects.

we established to limit the use of funds procured through green bonds and green loans to those with environmental improvement effects.

Signatory to UN PRI / CSAM’s approach on UN PRI
As of August 13, 2019, our asset manager, Canadian Solar Asset Management K.K. (“CSAM”), became the first Japanese asset manager
of a listed infrastructure fund to be a signatory to the UN PRI (United Nations supported Principles for Responsible Investment) topromote ESG (Environmental, Social, Governance) investments.

Power sales to renewable energy users through a Wholesale Electricity Supply
Agreement with UPDATER, Inc. and Zero Watt Power Inc.
By executing the wholesale electricity supply agreement with UPDATER, Inc (fomer Minna-denryoku, Inc.) and Zero Watt Power Inc for CSIF’s power
plants listed below, CSIF contributes to supply FIT electricity to consumers. With respect to electricity consumption of CSIF’s power plants, purchaseof clean energy derived from renewable sources have been started. CSIF believes that the fund contributes to the utilization of renewable energy.
Premium Wholesale
From February 2021
From February 2021
From December of 2021
From June 2021
From July 2021
From May 2021

Zero Watt Power

Greenhouse gas emissions

Manufacturing water consumption

The Canadian Solar Group is focused on reducing the environmental

▲ 20%

▲18%

impact from solar panel manufacturing processes such as greenhouse

Energy consumption

Manufacturing waste

▲19%

▲44%

Actual initiatives at CSIF’s property (CS Daisen-cho Power Plant)

December 2020 as its basic ESG policy, which can be found on CSIF’s website as of February 17, 2021.

Counter Party
UPDATER

Incorporate measures to reduce environmental
impact from manufacturing solar panels

gases and manufacturing waste and water. (2017-2020)

As a signatory to the UN PRI, CSAM devised an “Approach to UN PRI Guidelines” as of the end ofPower Plant
CS Marumori-machi PP
CS Izu-shi PP
CS Mashiki-machi PP
CS Daisen-cho PP (A)(B)CS Hiji-machi Dai-ni PP
CS Ogawara-machi PP

E

Purchase of clean energy
From January 2021
From March 2021
From June 2021
From May 2021
From June 2021
From July 2021

Power plant carefully developed by protecting the rich environment of Daisen-cho
The district in which CS Daisen-cho Power Plant is located is in close proximity to
districts known for their diverse and rich ecological environments with forests,
plants and wild birds. Efforts were made to refrain from using chainsaws whendeveloping the project to avoid damaging the habitat of rare species of indigenous
falcons, while painting the fence around the site using camouflage colors.
The power plant can provide 27MWp of clean regenerated energy, equivalent toelectricity for approximately 8,000 households.

S

The Daisen Canadian Garden was constructed and donated to the Daisen-cho Town Government incommemoration of the completion of the power plant as part of our contribution to local communities under the conceptof “harmony between nature and large-scale solar power plant.” In addition, we repaired Hima Jinja
Shrine and donated an incense
holder made of white granite to
Shimpukuji Temple in the same

Addressing climate change based on TCFD recommendations
TCFD is the Task Force on Climate-related Financial Disclosure established by the Financial Stability Board(FSB)at the request of thetown.

G20, which recommends "governance," "strategy," "risk management," and "indicators and targets" for climate change-related
information disclosure. CSIF has also disclosed TCFD related information.
Category
GovernanceContent on CSIF DisclosureE stablishment of CSAM Sustainability Committee
Discuss ESG issues, including climate change, and report to the CSIF's Board of Directors twice a year●

Identifying specific risks and opportunities
Sort out "transition risks/opportunities" and "physical risks/opportunities"in a society moving toward decarbonization from climatechange in the short, medium, and long term
● Scenario analysis
Conduct scenario analysis on the climate change risks/opportunities identified and organized, and on the themes rated as "highly significant".
●

Strategy

10

G

Aligning the interest of unitholders with that of the Sponsor

We aim to increase unitholders’ value by aligning the interest of unitholders with that of the sponsor.

Number of units held by the sponsor and holding ratio after the offering：

56,620units （14.64%）
11

Po rt f o l i o

S p o ns o r P ip e line

Portfolio Highlight

As of Dec. 31, 2021

# of Projects

25

Total Acquisition Price

PV Facilities

Panel Output of AUM

80.00

JPY

Target to achieve ¥100Bn in asset size in medium term by mainly acquiring assets from abundant sponsor pipeline

183.9

bln

MW

（Note）“Total Acquisition Price”is total of the purchase prices based on the sales and purchase agreement for each project.

Total Energy Output for the Period
9th FP Actual Energy Output / 9th FP Projected Energy Output =Projected（MWh）

Under development

Total sponsor portfolio

16projects, 219.3MW

14projects, 171.6MW

30projects, 390.9MW​

95.87% (Full year of 2021：98.57%)

Operational

Under construction

300
100

86.2%

21,895
17,31915,0000100.2%

18,315
15,787103.1%

17,561 17,589

110.7%

13,969 14,396

12,073

7.98
45.53
Operational

Sep.

Oct.

Nov.

Dec.

CS Tottori Daisen Dai-ni PP（1.9MW/11.49/2024）

CS Shimane Hamada PP

As of the end of 7th Fiscal Period-ended
Dec. 31, 2020

As of the end of 9th Fiscal Period-ended
Dec. 31, 2021

29.0％

38.8％

3.5％
5.4％

2023

● Under construction● Under development

8.8％

14.8％

22.2％

¥40／kWh¥36／kWh¥32／kWh¥24／kWh¥21／kWh

Projects reaching FIT expiration
after 2034

CS Hiroshi Fukuyama PP

CS Gunma Minakami Dai-ni PP（3.4MW/40/2020）（17.8MW/17.97/2022）

6

49

6.3

20
FIT period: 12 years

1.2 11.9

0.9

2.3

3 27.3
1.7
12.9

Valuation priceBook value
790.3

CS Hokkaido Bihoro PP（2.5MW/18/2021 ）CS Aomori Maita PP（3.0MW/10.89/2024）

CS Miyagi Kami-machi PP（2.2MW/18/2023）（80.0MW/10.76/2026）

CS Gifu Kamitakara PP

CS Shichikashuku-machi PP（20.1MW/21/2023）（9.2MW/36/2020）

CS Yamaguchi Hofu PP

CS Fukushima Sabara PP（3.0MW/10.79/2024）

CS Azuma Kofuji PP（100.0MW/36/2022）

CS Fukuoka Saigawa PP

CS Saitama Kumagaya PP

CS Fukuoka Tagawa PP

CS Higashikagawa PP（2.0MW/18/2022）

600
470.9

500.2 514.9 495.8 488.9

464.7 455.7
359.6
400
338.6
420.7 426.7

53.4
7.5

300
200

304.4
IPO

3rd
FP

Hitachi Kama PP（2.2MW/36/2017）

CS Kumamoto Mashiki Dai-ni PP

CS Kumamoto Yamato PP（1.5MW/32/2019）

CS Higashikagawa Dai-ni PP（2.1MW/18/2022）

CS Okayama Shinyubara PP（30.0MW/13.47/2024）

CS Tochigi Kitsuregawa PP（1.2MW/32/2023）

CS Ibaraki Kurusu PP（11.3MW/24/2022）

CS Ibaraki Takamihara PP（1.2MW/11.99/2024）

CS Ibaraki Kasama PP（13.5MW/32/2021）

771.7

738.6

Acquisition of assets from third-parties
Acquired the asset shown below from a third-party source using a bridge fund.
Given that preferential negotiation rights were obtained, CSIF will be able to453.5

acquire the power plant at an opportune timing
In addition to acquire assets from the sponsor pipeline, CSIF intends to diversify

311.1
2nd
FP

CS Oita Munechika PP（2.6MW/18/2022）（8.1MW/32/2023）（1.2MW/18/2022）

752.7

500

40
20
39
20
38
20
37
20
36
20
35
20

34
20

22
20

12

Pink box for Bridge Fundprojects（1.2MW/18/2022）

Historical Valuation and Book Value(after depreciation)

700

40

0

Light blue box forJGIF’s projects

CS Gunma CC PP（21.0MW/11.99/2025）（13.0MW/36/2021）（JPY billion）
800

173.8
Total

CS Yamaguchi Aiofutajima PP

25.9％■ CS Hiji-machi Dai-ni PP■ CS Mashiki-machi PP■ CS Daisen-cho PP (A & B)

■ CS Mashiki-machi PP■ CS Daisen-cho PP (A & B)
■ CS Izu-shi PP

Remaining FIT period of projects-undermanagement (panel output basis)

60

2025-

CS Gunma Takasaki KG PP（0.7MW/18/2022）

80

2024

（8.0MW/14.25/2022）■ CS Mashiki-machi PP■ CS Minami Shimabara-shi PP (east & west)■ CS Hiji-machi PP

（MW）
100

45.53

（24.5MW/14.49/2022）（2.0MW/21/2022）

CS Hiroshima Suzuhari PP

65.6％

171.66Sponsor Pipeline Map(Including Projects Owned by JGIF and Bridge fund )Historical Portfolio Diversification (panel output basis）
At IPOAt IPO

101

39.17

117.9

2022

● OperationalAug.

165.64

8.16

23.51

13,3675,000
Jul.

390.9MW（Note）Include assets owned by Japan Green Infrastructure Fund (JGIF) and third-party bridge fund.

10,0000

As of Dec. 31, 2021

Under development

400
200

79.1%

19,945 21,020

20,000Operational and under construction（MW）

Actual105.4%

25,000Operational Start Year and Status of Sponsor Portfolio Assets

4th
FP

5th
FP

6th
FP

7th
FP

8th
FP

9th
FP

property sources by using asset manager’s proprietary network and acquiringfrom third-parties utilizing bridge funds.

PP Name

Location

Hitachi- Kama PP

Kama-shi, Fukuoka
13

Po rt f o l i o O v e r v ie w

As of Dec. 31, 2021

S-01

S-02

S-03

S-04

S-05

CS Shibushi-shi PP

CS Isa-shi PP

CS Kasama-shi PP

CS Isa-shi Dai-ni PP

CS Yusui-cho PP

List of Power Plant Assets
No.

S-06

S-07

S-08

CS Isa-shi Dai-san PP

CS Kasama-shi Dai-ni PP CS Hiji-machi PP

Project nameLocation

Acquisition
Price
price
（yen millions）（yen millions）

Investment
nt ratio（％）

Paneloutput（kW）

S-01

CS Shibushi-shi PP

Shibushi-shi, Kagoshima

540

492

0.64

1,224.00

S-02

CS Isa-shi PP

Isa-shi, Kagoshima

372

329

0.43

931.77

S-03

CS Kasama-shi PP

Kasama-shi, Ibaraki

907

922

1.20

2,127.84

S-09

S-10

S-04

CS Isa-shi Dai-ni PP

Isa-shi, Kagoshima

778

682

0.88

2,013.99

CS Ashikita-machi PP

CS Minamishimabarashi PP (East & West)S-05

CS Yusui-cho PP

Aira-gun, Kagoshima

670

589

0.76

1,749.30

S-06

CS Isa-shi Dai-san PP

Isa-shi, Kagoshima

949

843

1.09

2,225.08

S-07

CS Kasama-shi Dai-ni PP

Kasama-shi, Ibaraki

850

802

1.04

2,103.75

S-08

CS Hiji-machi PP

Hayami-gun, Oita

1,029

910

1.18

2,574.99

S-09

CS Ashikita-machi PP

Ashikita-gun,Kumamoto

989

885

1.15

2,347.80

S-10

CS Minamishimabara-shi PP（East & West）

Shimabara-shi,Nagasaki

1,733

1,597

2.07

3,928.86

S-11

CS Minano-machi PP

Chichibu-gun, Saitama

1,018

1,019

1.32

2,448.60

S-12

CS Kannami-cho PP

Tagata-gun, Shizuoka

514

502

0.65

1,336.32

S-13

CS Mashiki-machi PP

Kamimashiki-gun,
Kumamoto

19,751

19,52425.30

47,692.62

S-14

CS Koriyama-shi PP

Koriyama-shi, Fukushima

246

228

0.30

636.00S-15

CS Tsuyama-shi PP

Tsuyama-shi, Okayama

746

695

0.90

1,930.50

S-16

CS Ena-shi PP

Ena-shi, Gifu

757

742

0.96

2,124.20

S-17

CS Daisen-cho PP （A）（B）

Saihaku-gun, Tottori

10,447

9,641

12.49

27,302.40

S-18

CS Takayama-shi PP

Takayama-shi, Gifu

326

303

0.39

962.28

S-19

CS Misato-machi PP

Kodama-gun, Saitama

470

429

0.56

1,082.88

S-20

CS Marumori-machi PP

Igu-gun, Miyagi

850

772

1.00

2,194.50

S-21

CS Izu-shi PP

Izu-shi, Shizuoka

4,569

4,257

5.52

10,776.80

S-25

S-22

CS Ishikari Shinshinotsu-mura PP

680

621

0.80

2,384.64

CS Ogawara-machi
Power Plant

Ishikari Shinshinotsumura

S-23

CS Osaki-shi Kejonuma PP

Osaki-shi Kejonuma

208

195

0.25

954.99S-24

CS Hiji-machi Dai-ni Power Plant

Hayami-gun, Oita

27,851

27,48535.62

53,403.66

S-25

CS Ogawara-machi Power Plant

Shibata-gun, Miyagi

2,745

2,703

3.50

7,515.35

80,001

77,172100.00183,973.12

S-11

S-12

S-13

S-14

S-15

CS Minano-machi PP

CS Kannami-cho PP

CS Mashiki-machi PP

CS Koriyama-shi PP

CS Tsuyama-shi PP

S-16

S-17

S-18

S-19

S-20

CS Ena-shi PP

CS Daisen-cho PP(A)/(B)CS Takayama-shi PP

CS Misato-machi PP

CS Marumori-machi PP

S-21

S-22

S-23

S-24

CS Izu-shi PP

CS Ishikari
Shinshinotsu-mura PP

CS Osaki-shi Kejonuma PP CS Hiji-machi Dai-niPower Plant

Total（Note）“Price”refers to the median project valuation report amount, which is the estimated values provided to us by PricewaterhouseCoopers
Sustainability LLC（S01 – S18）and Kroll, LLC.
（S-19 – S-25）in its project valuation reports as of December 31, 2021.

14

15

1. Overview of Fund Operation

F i n a nc i a l Sum m a r y(1) Historical Operating Result of the Fund

Financial Soundness Attributed to Fixed Interest Rate Conversion / LTV Level is Under Stable Controls
2021年12月末日時点

Fixed-to-variable interest rate ratio

DCSR

LTV

100.00

2.11

51.75

%

%

（Note）“Fixed-to-variable interest rate ratio”refers to the ratio of fixed interest rate liabilities to total interest-bearing liabilities at that time.
Variable interest rate liabilities that were converted to fixed interest rate liabilities through interest rate swap agreements were deemed as fixedinterest rate liabilities.

Credit rating
Rating Agency

Subject to Rating

Renewal Date

Rating Outlook

Long-term Issuer Rating

July 19, 2021

A

StableJapan Credit Rating Agency, Ltd.

The 1st Unsecured Investment
Corporation Bond (only for Qualified
Institutional Investors)

July 19, 2021

Aー

Rating and Investment Information, Inc.

Long-term Issuer Rating

August 12, 2021

A-

StableLoan（short-term）

Loan（long-term）

10,000
2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

（Note）Amount after 2022 is based on the forecast as of February 14, 2021.

I n fo rm a t i on f o r Unitho ld ers
Memorandum for Unitholders
End of fiscal period
Dividend payment record date
Listed financial instruments exchange
Unitholders’meeting

Public announcement newspaper

Administrator of unitholder list etc.
[Contact information]

16

June 30 and December 31

June 30 and December 31（payment is to be made within 3 months after the date）
Tokyo Stock Exchange（securities code: 9284）
Once a every 2 years

Nihon Keizai Shimbun（Nikkei）

Sumitomo Mitsui Trust Bank, Limited

Izumi 2-8-4, Suginami-ku, Tokyo 168-0063
Sumitomo Mitsui Trust Bank, Limited
TEL: 0120-782-031

8th FP

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

2,331

2,413

3,425

3,587

7th FP

8th FP

9th FP

2,088
Fr. Jul. 1, 2019
To Dec. 31, 2019
1,391
2,088

Fr. Jan. 1, 2,331
2020
To Jun. 30, 2020
1,490
2,331

2,413
Fr. Jul. 1, 2020
To Dec. 31, 2020
1,555
2,413

Fr. Jan. 1, 3,425
2021
To Jun. 30, 2021
1,966
3,425

3,587
Fr. Jul. 1, 2021
To Dec. 31, 2021
2,242
3,587

1,261
2,088

1,362
2,331

1,409
2,413

1,781
3,425

2,033
3,587

696
1,391
534
1,261
534

840
1,490
692
1,362
691

858
1,555
717
1,409
716

1,459
1,966
1,074
1,781
1,073

1,344
2,242
1,123
2,033
1,122

Total
numberof units
issuedOrdinary
Income/ Loss(-) (in(unit)
JPY mln)
Total
Assets(in
JPY
mln)
Net Income / Loss (-) (in JPY mln)

21,349696
231,190534
50,069534

21,039840
231,190692
49,132691

20,876858
231,190717
49,052716

39,317
1,459
386,656
1,074
84,2991,073

38,9601,344
386,656
1,123
80,633
1,122

Interest-bearing
Liabilities (in JPY mln)
(vs prior FP) (%)
Net
Value per
Unit mln)(Base price) (in JPY)
TotalAsset
Net Assets(in JPY

27,973
8.9
94,656
21,88326,931(1.9)
93,99821,731

27,142(0.2)
93,397
21,592

43,376
71.9
104,463
40,391
1,430
87.1

39,937(4.3)
103,665
40,082
1,449
(0.8)

924
1,430
1.6
3,700

848
1,449
1.4
3,750

(Rental revenue of renewable energy power
Fiscal Period
plants, out of operating revenue) (in JPY mln)
Operating Expense (in JPY mln)
Operating Revenue (in JPY mln)
(Expense for rental of renewable energy power(Rental revenue of renewable energy power
plants, out of operating expense) (in JPY mln)
plants, out of operating revenue) (in JPY mln)
Operating Income / Loss (-) (in JPY mln)
Operating Expense (in JPY mln)
Ordinary Income / Loss (-) (in JPY mln)
(Expense for rental of renewable energy power
Net
Income(-) (in JPYmln) (in JPY mln)
plants,out /ofLoss
operatingexpense)Unitholders’Capital/ Loss(net) (-)
(Note 5) (in JPY mln)
Operating Income(in JPY mln)

(vs prior FP)Capital(%) (net) (Note 5) (in JPY mln)
Unitholders’
Total
Net
Assets(in JPY
mln)(unit)
Total number of units
issued(vs prior
FP)(in(%)
Total
Assets
JPY mln)

Total
Distribution(vs priorFP) (%)(in JPY mln)
Distribution
per Unit(in JPY)
Interest-bearing
Liabilities(in JPY mln)

(DPU
excl.Value
distribution
in excessearnings,
in JPY)Net
Asset
per Unit(Baseofprice)(in JPY)(Distributioninexcessofearnings
perunit,
in JPY)
Total Distribution (in JPY mln)

NumberDays(vs priorofFP)(%)for FP (days)
Numberof Invested
Asset(Noteas of4)EndDistribution
Payout Ratio(%)of FP

20,000

7th FP
Fr. Jul. 1, 2020
To Dec. 31, 2020

6th FP

Distribution
Ratio (Note 4) (%)(annualizedPayout
ratio) (%)[OtherInformation]
Capital Ratio (Note 4) (%)

30,000

2,088

6th FP
Fr. Jan. 1, 2020
To Jun. 30, 2020

5th FP

CapitalRatio (Note(%)(annualized
ratio)4)(%)
(vs
prior
FP)
(%)
Return on Capital (Note 4) (%)

40,0000Operating Revenue (in JPY mln)

Returnon Capital(Note 4) (%)(Distribution
in excessof earnings per unit, in JPY)
(annualized
ratio)(Note(%) 4) (%)
Returnon Assets

Bond

5th FP

Fr. Jul. 1, 2019(1) Historical Operating Result of the FundTo Dec. 31, 2019

Returnon Assets(Note 4) (%)
Distribution
per Unit(in JPY)(annualized
ratio) (%)in excess of earnings, in JPY)
(DPU excl. distribution

Historical Balance of Interest-bearing Debt
（JPY million）
50,000of Fund
1. OverviewFiscal
Period Operation

Depreciation
Expenses (in JPY mln)
[Other Information]
CAPEX
(in
JPY
Number of Daysmln)
for FP (days)

Rental(Note 4) (in JPY mln)
NumberNOIof Invested
Asset as of End of FP
FFO(FundsOperation)(Note 4) (in JPY mln)
Depreciationfrom
Expenses(in JPY
mln)

FFO
per (in
Unit(Note 4) (in JPY)
CAPEX
JPY
mln)
Interest-bearing
Ratio (Note 4) (%)
Rental NOI (NoteLiabilities
4) (in JPY mln)

8.9
21,34921,883
231,190(1.4)
50,069

843
(1.4)
3,650
27,973
2,310
94,656
1,340
843
1.1
3,650
2.2
2,310
2.4
1,340

4.8
1.1
43.7
2.2
(4.6)
2.4

(1.9)
21,03921,731
231,190(0.7)
49,132

855
(0.7)
3,700
26,931
2,992
93,998

708
855
1.4
3,700
2.8
2,992
3.2
708

6.4
1.4
44.2
2.8
0.5
3.2

(0.2)
20,876
21,592
231,190(0.6)
49,052

855
(0.6)
3,700
27,142
3,099
93,397

601
855
1.5
3,700

71.9
39,31740,391
386,656
87.1
84,2993,700
43,376
2,776
104,463

2.9
3,099
3.3
601

6.6
1.5
44.0
2.9
(0.2)
3.3

(4.3)
38,96040,082
386,656(0.8)
80,6333,750
39,937
2,902
103,665

3.2
2,776
3.5
924

7.0
1.6
47.9
3.2
3.9
3.5

2.7
2,902
2.8
848

5.5
1.4
49.7
2.7
1.8
2.8

100.0
4.8

100.0
6.4

100.0
6.6

100.0
7.0

100.0
5.5

43.7
184
(4.6)

44.2
182
0.5

44.0
184
(0.2)
23
100.0

47.9
181
3.9

49.7
184
1.8

21
100.0
839

21
100.0
911

6
184
1,665
21
1,374
839

10
182
1,881
21
1,604
911

5,9436
55.9
1,665

6,938
10
54.8
1,881

913

25
100.0
1,258

25
100.0
1,451

44
184
1,918
23
1,630
913

107
181
2,902
25
2,332
1,258

56
184
3,005
25
2,574
1,451

7,053
44
55.3
1,918

6,031
107
51.5
2,902

(Note 1) Fiscal periods of the fund are six months for January 1 to June 30 and July 1 to December 31 every year.
FFO(Funds fromtaxes
Operation)(Note 4)in(inmln)revenue etc.
1,374
1,604
1,630
2,332
(Note
2) Consumption
are not included
theJPY
operating(Note 3) Unless otherwise described, the numbers are rounded down and the ratio are rounded up or down.
FFO per Unit (Note 4) (in JPY)
5,943
6,938
7,053
6,031
(Note 4) The calculation methods are as below.
Interest-bearing
Liabilities Ratio (Note 4) (%)
54.8 of FP + Total Assets
55.3 at End of FP) / 2 }51.5
Return on Assets
Ordinary Income55.9/ { (Total Assets at Beginning
x 100

6,658
56
49.5
3,005
2,574
6,658
49.5

(Note 1) Fiscalof the fund are six months for January 1Net
to June30 andJulyAssets
1 to December
31 every
Returnperiods
on Capital
Income/ { (Netat Beginningof FPyear.
+ Net Assets at End of FP) / 2 } x 100(Note 2) Consumption
etc. at End of FP / Total Assets at End of FP x 100
Capital Ratio taxes are not included in the operating revenue
Net Assets(Note 3) Unless otherwise described, the numbers are rounded down and the ratio are rounded up or down.
Distribution Payout Ratio
DPU excl. distribution in excess of earnings / Net Income x 100(Note 4) The calculation methods are as below.
Rental NOI
Return on Assets

Rental Revenue for renewable energy power generation facilities – Rental Expenses for renewable energy power
Ordinary Income / { (Total Assets at Beginning of FP + Total Assets at End of FP) / 2 } x 100
generation facilities + Depreciation Expenses
Return on Capital
Net Income / { (Net Assets at Beginning of FP + Net Assets at End of FP) / 2 } x 100
FFO
Net Income + Depreciation Expenses + Profit from sales of renewable energy power generation facilities
Capital Ratio
Net Assets at End of FP / Total Assets at End of FP x 100
FFO per unit
FFO / The number of total issued units
Distribution Payout Ratio
DPU excl. distribution in excess of earnings / Net Income x 100
Interest-bearing Liabilities Ratio
Interest-bearing Liabilities / Total Assets x 100
Rental NOI
Rental Revenue for renewable energy power generation facilities – Rental Expenses for renewable energy power(Note 5) Deductible amount for unitholders’ capital is deducted fromthe grossamountof unitholders’capital.
generation
facilities+ Depreciation
ExpensesFFO

Net Income + Depreciation Expenses + Profit from sales of renewable energy power generation facilities

FFO per unit

FFO / The number of total issued units

Interest-bearing Liabilities Ratio

Interest-bearing Liabilities / Total Assets x 100(Note 5) Deductible amount for unitholders’ capital is deducted from the gross amount of unitholders’ capital.

17

(2) Overview of the Fiscal Period under Review
a. Brief History of Canadian Solar Infrastructure Fund
Canadian Solar Infrastructure Fund, Inc. (hereinafter referred to as “CSIF”) was established on May 18, 2017 with money invested of 150
million yen (1,500 units) by Canadian Solar Asset Management K.K. (hereafter referred to as the “Asset Manager”) as the founder under the
Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951 including subsequent amendments; hereinafter referred to as
the “Investment Trusts Act”). Registration with the Kanto Local Finance Bureau was completed on June 9, 2017 (registration number 127,
filed with the Director of the Kanto Local Finance Bureau).
CSIF issued additional investment units (177,800 units) through a public offering on October 27, 2017, listed its investment units on Tokyo
Stock Exchange Inc.’s (hereinafter referred to as the “Tokyo Stock Exchange”) Infrastructure Fund Market on October 30, 2017 (security
code: 9284), and issued new investment units (2,890 units) through third-party allotment on November 28, 2017.
In addition, CSIF issued new investment units (46,667 units) through public offering on September 5, 2018 and issued new investment
units (2,333 units) through third-party allotment on October 4, 2018.
CSIF then issued new investment units (151,500 units) through public offering on March 5, 2021 and issued new investment units (3,966
units) through third-party allotment on April 7, 2021.
As a result of the above, the total units issued at the end of the fiscal period under review (as of December 31, 2021) were 386,656 units.
b. Investment Environment
Real GDP in July-September 2021 declined by 0.9% quarter on quarter (3.6% on an annualized basis), as consumer spending and capital
expenditures slumped on the double whammy of the spread of the Delta variant and supply constraints in the automotive sector, pushing
GDP growth well into negative territory. In October-December 2021, the pace of growth appears to have picked up again as Japan somewhat
belatedly joined other nations in learning to live with COVID-19 and the supply constraints in the automotive sector also started to ease and,as of January 21, 2022, high growth is forecast, with real GDP estimated to have grown by 6.6% on an annualized basis. However, the paceof growth is expected to slow again in January-March 2022. The rapid spread of the Omicron variant led to sharp decline in the flow of people
during January, and a decline in consumer spending in January-March 2022 is considered inevitable. However, the experiences of othernations indicate that the downward pressure from the Omicron variant is not only fast-spreading but also quick to subside and the adverse
effects are expected to have diminished considerably by March.
On the stock market in Japan, the Nikkei Stock Average entered an adjustment phase after reaching ¥30,467 on February 16, 2021, aphase which lasted into the second half of the year. However, after hitting ¥27,013, its lowest level in all of 2021, on August 20, 2021, theNikkei Stock Average rallied sharply on September 3 after then Prime Minister Yoshihide Suga announced that he planned to quit, reaching¥30,670, its highest level since August 1990 and its highest level in all of 2021, on September 14. The benchmark index subsequently took adownturn after Fumio Kishida won the LDP presidential election on September 29 and, after seesawing through to the end of the year, closed
at ¥28,791 on December 30, its highest year-end close since 1989.
Meanwhile, the Infrastructure Fund Market saw growing interest among investors in the accelerated introduction of renewables as part ofJapan's decarbonization measures and, as a result, the TSE Infrastructure Fund Index added to the significant gains made in the second halfof 2020, continuing to climb through the first half of 2021 and reaching a record high of 1,201.71 points on June 9. However, in the second
half of 2021, changes were more muted, with the index seesawing within a very narrow range. Then, at the beginning of November, the TSE
Infrastructure Fund Index entered an adjustment phase, triggered by the announcement of public offerings by two infrastructure funds,
standing at 1,117.22 points on December 30, which was slightly low compared with the end of the 2020.
"Curtailment," which is implemented by an electricity transmission and distribution business operator (Note 1) to adjust the supply-demandbalance, was implemented by Kyushu Electric Power Transmission and Distribution Co., Inc., with respect to “renewable energy power
generation facilities” (Note 2) held by CSIF, for one day in July, four days in September, 11 days in October, five days in November, and one
day in December, totaling 22 days during the period under review. This was much less frequent than in the previous period.
Kyushu Electric Power Transmission and Distribution Co., Inc. revised its curtailment operation procedures from FY2021. When thenumber of days of curtailment for a business operator subject to the old rule (Note 3) is expected to exceed 30 days in any fiscal year,
Kyushu Electric Power Transmission and Distribution Co., Inc. will now uniformly curtail (apply the same curtailment pattern (% curtailment ofplant's rated output) to uniformly curtail by the hours and amount necessary) all business operators subject to the designated business
operator rule (Note 3), whilst making full use of the maximum 30 days’ curtailment for business operators subject to the old rule. However,under the current curtailment operation procedures, business operators subject to the old rule are subject to so-called offline curtailment(curtailment of photovoltaic power generation facilities which have not installed a system for online curtailment (curtailment of photovoltaic
power generation facilities with a remote output controller installed; the same will apply below); the same will apply below) and, since under
this curtailment arrangement, the curtailment percentage is higher than for online curtailment applied to business operators subject to the notime limit, no compensation rule (Note 3), CSIF is encouraging power plants of business operators subject to the old rule to also shift to theonline curtailment arrangement. All power plants in the Kyushu Electric Power jurisdiction owned by CSIF are subject to the 30-day rule forcurtailment but they are gradually shifting to the online curtailment arrangement, and nine power plants, with the exception of CS Hiji-machi
Dai-ni Power Plant, have completed the shift as of the end of the fiscal period under review.
Although some electric power companies in other regions have also disclosed policies relating to renewable energy curtailment, as of theend of the fiscal period under review, no further curtailments have been instituted.
On October 26, 2020, at the 203rd extraordinary session of the Diet, then Prime Minister Yoshihide Suga declared the goal of achieving
overall zero emissions of greenhouse gases by 2050, that is the creation of a carbon neutral, decarbonized society. Since this declaration,
activities for the realization of a decarbonized society have picked up pace, and with countries announcing their targets for slashinggreenhouse gas emissions at a global climate summit held in April 2021, Japan also set a new 2030 reduction target of 46% compared with
2013 levels and announced that it would continue its challenge towards a 50% reduction. This represents a drastic increase from Japan's
previous target of a 26% reduction.
Then, in June 2021, the Ministry of Economy, Trade and Industry published the FY2020 Annual Report on Energy (Japan's Energy White
Paper 2021). This report includes an analysis under the heading "Changes in the situation concerning energy" to the effect that while more
and more countries, including Japan, are declaring that they will become carbon neutral, private-sector enterprises are also stepping up
initiatives for decarbonization, with an increase in ESG investment and diversification of investment strategies in the financial services sector
and an increasing number of non-financial corporations signing up to the RE100 initiative or otherwise declaring that they will become carbon
neutral. In some cases, companies are not only reducing greenhouse gas emissions associated with their own energy consumption but arealso seeking to reduce the carbon footprint in their supply chains (and using carbon trading to achieve targets) and low-carbon energy accesswill affect competitiveness as a location for industry in the future (in competition between countries and competition between cities and18

regions). Under the heading "Path to becoming carbon neutral by 2050," the report also stresses that to realize a carbon neutral society, it isnecessary to pursue decarbonization through expansion of low carbon resources in the electricity sector and through electrification, use ofhydrogen for heating where electrification is impossible, and capture and reuse of any remaining CO2 (conversion to methane or synthetic
fuel, etc.) in non-electricity sectors (industrial, consumer and transport sectors).
Furthermore, on October 22, 2021, the Cabinet approved the 6th Strategic Energy Plan. The 6th Strategic Energy Plan indicates the
direction of energy policies for achievement of carbon neutrality by 2050 (goal declared in October 2020) along with the new target of
reducing greenhouse gas emissions by 46% by FY2030 and trying to push the reduction as high as 50% (targets declared in April 2021)(Note 5). It positioned "overcoming issues in Japan’s energy supply-and-demand structure" as an important theme (Note 5) and committed tomaximizing efforts to realize Japan’s goal of “S+3E” (the conventional three E’s of energy security, economic efficiency, and environmental
protection, plus safety) (Note 5).
It states that a crucial part of energy policies for 2030 (Note 5) is to ensure, with “S+3E” as the basic premise, that renewables become amajor power source and to focus on renewables as an overriding principle, encouraging maximum adoption whilst reducing the impact on
Japanese people and seeking co-existence with local communities (Note 5). It goes on to list as specific initiatives (i) ensuring renewables
are developed in the right places, coexisting with local communities, (ii) tightening project discipline, (iii) reducing costs and integrating
renewables into the energy market, (iv) overcoming grid constraints, (v) rationalizing regulation and (vi) promoting the development oftechnologies (Note 5).
The ambitious new power-source composition for 2030 would be 36-38% for renewable energies (up from 22-24% in the current projectedmix), 20-22% for nuclear power (unchanged), 20% for LNG (down from 27%); 19% for coal (down from 26%), and 2% for oil (down from 3%).
The renewable energy mix would be 14-16% for solar power, 5% for wind power, 1% for geothermal power, 11% for hydroelectric power, and
5% for biomass.
Regarding legislation to promote the introduction of renewables, detailed designs (detailed design of FIP system, detailed design of system
for nullifying approvals, reserve of demolishing costs for solar power generation facilities) of amendments to the Act on Special Measures
Concerning Procurement of Electricity from Renewable Energy Sources by Electricity Utilities (hereinafter referred to as the "2020
Amendment to the Renewable Energy Special Measures Act") included in the Act to Partially Amend the Electricity Business Act and otherActs to Establish a Resilient and Sustainable Electricity Supply System (hereinafter referred to as the "Act for Establishing Energy Supply
Resilience") have been examined by METI's various subcommittees and working groups, and progress has been made on the task ofrevising government and ministerial ordinances and METI notices based on the results of these examinations, in anticipation of enforcementin April 2022. For details of the risks which might arise as a result of such amendment, please refer to "I. Fund Information, 1. Fund Status, 3.
Investment Risks" in the most recent annual securities report (submitted on September 29, 2021).
Given that the basic policy for the detailed design of a market-based FIP scheme is that the FIP scheme is a step towards creating arenewable energy market which is FIT-independent, each constituent element of the FIP scheme is designed as an intermediate step awayfrom the FIT scheme towards competition with other power sources under the same conditions. However, since the photovoltaic power
generation facilities, etc. currently owned by CSIF sell electricity under the FIT scheme and the basic framework for selling electricity under
the FIT scheme now in operation will not change even after enactment of the 2020 Amendment to the Renewable Energy Special Measures
Act, it is considered unlikely that the purchase prices of the photovoltaic power generation facilities of CSIF currently operating under the FIT
scheme will be affected.
As for the detailed design of the system for nullifying approvals, it was proposed that nullification decisions should be made based onwhether sufficient progress has been made at the point falling one year after the commercial operation date (COD) deadline. However, since
the photovoltaic power generation facilities, etc. owned by CSIF have already started selling electricity under the FIT scheme, even when theabovementioned system for nullifying approvals is introduced, certification of the photovoltaic power generation facilities, etc. owned by CSIF
will not be nullified as a result.
As for the system to ensure a reserve of demolishing costs for solar power generation facilities (Note 6), (i) this will apply to all FIT- and
FIP-certified solar projects (includes multiple solar projects) of 10 kW or more. (ii) As for the reserve method, the 2020 Amendment to theRenewable Energy Special Measures Act stipulates that certified solar project developers must reserve the demolishing costs externally at
the Organization for Cross-regional Coordination of Transmission Operators (OCCTO) through direct withholding of the required amounts
from revenue, in principle. The 2020 Amendment to the Renewable Energy Special Measures Act stipulates that such external reserves for
FIT-certified projects should be made via the utilities that are obliged to purchase the electricity. More specifically, it has been decided todesign a system to enable the offset of demolishing cost reserves and purchasing costs between FIT-certified project developers and theutilities obliged to purchase the electricity and the offset of demolishing cost reserves and premiums between the utilities obliged to purchasethe electricity and the body implementing the system. (iii) As for the level of reserves and the unit price, the estimated demolishing costs used
to calculate the procurement price (in the case of the FIT scheme) and the reference price (in the case of the FIP scheme) will be set
according to capacity utilization factor on a per 1 kWh of electricity supplied basis. The 2020 Amendment to the Renewable Energy Special
Measures Act stipulates that the demolishing reserve base price (the amount to be reserved per 1 kWh of electricity supplied by the certified
project developer) will be determined in line with the opinion of the Procurement Price Calculation Committee, and the Procurement Price
Calculation Committee published its opinion on the demolishing reserve base price in light of the foregoing in "Opinion on procurement pricefor FY2021 (April 2021 to March 2022) and beyond" (released in January 2021). (iv) As for the timing and frequency of reserve deposits,
demolishing costs must be reserved from 10 years prior to the end of the applicable procurement period or period for which the premium will
be granted and are to be deposited upon payment of the procurement price payment or the granting of premiums (currently monthly). (v)Regarding the internal reserve of demolishing costs, which is permitted in exceptional cases, projects which satisfy stringent conditions inrelation to long-term stable power generation and funding will also be permitted to reserve demolishing costs internally, in order to encourage
long-term stable power generation projects and minimize demolishing due to replacement and suchlike. An entity reserving demolishing costs
internally will be required to deposit them in a bank account which can only be used for specific purposes or record them in financial
statements audited by an accountant who is obliged to disclose information to financial instruments exchanges, and it will also be required tosecure them with insurance or a guarantee to increase the probability of funding demolishing. (vi) The mandatory reserve system will be
introduced on July 1, 2022 and will gradually phased in according to the end date of the procurement period or grant period of each project.
The Demolishing Reserve Guidelines which were subsequently published by the Agency for Natural Resources and Energy in September
2021 stated in regard to the scheme for so-called listed infrastructure funds that given the low risk of a change in project operator or
cessation of a power generation project during the procurement period/delivery period, provided that the agreement between the investment
corporation and the actual certified project operator can be verified to contain provisions indicating that the two parties are financially andorganizationally bundled, for example, cash flows showing both parties use the same revenue from electricity sales to fund the project,
restrictions on agreement cancellation by lessee, or restrictions on the use of power generation facilities or the land on which they are
installed for other purposes, then the investment corporation will be deemed to be "another corporation considered to be financially and19organizationally bundled with the certified project operator." This means that a listed infrastructure fund which properly records demolishingcosts in its financial statement and satisfies other given conditions will be permitted to secure funds by reserving demolishing costs internally.
While not part of the amendments under the Act for Establishing Energy Supply Resilience, discussions on adjustments to power
producer-side charges (previously referred to as "power producer-side base charges") in relation to FIT energy sources were resumed at the
Subcommittee on the Large-volume Introduction of the Renewable Energy and Next Generation Electric Network in May 2021.
Firstly, the figure indicated as the national average maximum amount payable per kWh of solar power produced due to the introduction of
kWh charges was 0.97 yen/kWh compared to 1.45 yen/kWh, as previously indicated.
It was further indicated that, in the case of projects that had already been approved, the pass-through of charges to retail electric business
operators (in the case of purchase by retail electric business operators) and equivalent adjustments (in the case of purchase by electricity
transmission and distribution business operators) would reduce the amount payable by an average of 0.5 yen and that the average amountpayable in real terms would be 0.47 yen.
Adjustment of the amount still payable after pass-through in the case of approved projects involving purchase by retail electric business
operators was also discussed. However, it was decided that further deliberation was needed due to differing opinions on adjustment for solar
power for projects during the period under consideration for profit margin analysis. CSIF will monitor the outcome of the discussions as thesesystem changes could affect the assets owned by CSIF and any renewable energy power generation facilities, etc. CSIF may acquire in the
future.
The government has also said that it will put forth a policy for developing a next generation electricity supply network to promoterenewables and will develop a large-capacity electricity supply network to supply renewable energy to urban areas with high power
consumption. Apparently due to be unveiled as part of the Clean Energy Strategy, which is to be prepared by June 2022, the policy assumes
total planned investment of more than 2 trillion yen, together with a government-wide push to encourage private sector investment. It is said
to list as priorities for development (i) the construction of a new electricity supply network linking Hokkaido and Tohoku/Tokyo, (ii) expansion
in Kyushu and Chugoku, and (iii) expansion in Hokuriku, Kansai and Chubu. It has previously been pointed out that interconnection lines for
power exchange between different regions are insufficient but the government has indicated that it plans to strengthen these, and to review
regulation which currently gives thermal power plants priority to use the electricity supply network and increase allocations for renewables.
(Note 1) For the purposes of this report, the term "electricity transmission and distribution business operator" collectively refers to a "generalelectricity transmission and distribution business operator" defined in Article 2, Paragraph 1, Item 9 of the Electricity Business Act
and "specified electricity transmission and distribution business operator" defined in Article 2, Paragraph 1, Item 13 of the Electricity
Business Act.
(Note 2) For the purposes of this report, the term "renewable energy power generation facilities" refers to renewable energy power generation
facilities (excludes facilities which fall into the category of real estate) defined in Article 2, Paragraph 3 of the Act on Special
Measures Concerning Procurement of Electricity from Renewable Energy Sources by Electricity Utilities (Act No. 108 of 2011,
including subsequent amendments; hereinafter referred to as the Renewable Energy Special Measures Act). For the purposes ofthis report, the term "renewable energy power generation facilities, etc." collectively refers to renewable energy power generation
facilities as well as real estate, real estate leases (includes subleases) or land lease rights (hereinafter referred to as the “site, etc.”)
necessary to install, maintain and operate renewable energy power generation facilities. Hereinafter, any mention of "renewableenergy power generation facilities" or "renewable energy power generation facilities, etc." which CSIF is said to have invested in or
acquired or operate shall also covers "renewable energy power generation facilities" and "renewable energy power generation
facilities, etc." that support CSIF's assets under management. The same shall apply hereunder. Renewable energy may also
hereinafter sometimes be referred to as "renewables."(Note 3) Even when a grid-connected business operator has implemented the preventive measures defined in the Ordinance for
Enforcement of the Act on Special Measures Concerning Procurement of Electricity from Renewable Energy Sources (METI
Ordinance No. 46 of 2012, including subsequent amendments), if the amount of electricity supplied by grid-connected business
operators is expected to exceed demand, curtailment without compensation under the connection agreement may be required. The
rule setting the maximum number of days of such curtailment at 30 days a year (360 hours a year in some cases) is referred to as
the "30-day rule" (the rule setting a maximum of 360 hours per year is referred to as the "360-hour rule") and the 30-day rule and the360-hour rule are referred to collectively as the "old rule" and business operators to which the old rule applies are referred to as"business operators subject to the old rule." The rule which allows grid-connected business operators to request curtailment without
a time limit and without compensation is referred to as the "no time limit, no compensation rule" and the business operators to which
the no time limit, no compensation rule applies are referred to as "business operators subject to the no time limit, no compensation
rule." Prior to April 1, 2021, designated business operators (Note 4) were allowed to request curtailment without a time limit andwithout compensation only for renewable energy power generation facilities for which such business operators applied forconnection once additional applications were no longer being accepted unless curtailment of output in excess of the curtailment limit
under the old rule is implemented. This rule is referred to as the "designated business operator rule" and the business operators towhich the designated business operator rule applies are referred to as "business operators subject to the designated business
operator rule." The no time limit, no compensation rule has been applied to all renewable energy power generation facilities forwhich application for connection was made on or after April 1, 2021, and with effect April 1, 2021, the designated business operator
rule transitioned to the no time limit, no compensation rule, and business operators subject to the designated business operator rulebecame business operators subject to the no time limit, no compensation rule. The same shall apply hereunder. Whilst the above
information was published prior to April 1, 2021, the parts which relate to "business operators subject to the designated business
operator rule" can also be considered applicable to "business operators subject to the no time limit, no compensation rule" from
April 1, 2021 onwards.
(Note 4) The term "designated business operators" means designated business operators defined in Article 4, Paragraph 1, Item 11 of theOrder for Enforcement of the Act on Special Measures Concerning Procurement of Electricity from Renewable Energy Sources byElectricity Utilities before the revision which came into force on April 1, 2021. The term refers to business operators designated by
the Minister of Economy, Trade and Industry as business operators in relation to which unless specified contract business operators(as defined in Article 14, Paragraph 1, Item 1 of said Order) implement the type of curtailment of output in excess of the curtailment
limit of certified power generation facilities (renewable energy power generation facilities pertaining to certification, which are limited
to the type of the facilities designated by the Minister of Economy, Trade and Industry) which they are allowed to demand of
specified contract applicants (as defined in Article 14, Paragraph 1, Item 2 of said Order) without compensation pursuant to theprovision of Item 8 (a) of said Paragraph, specified contract business operators are expected to become unable to additionallyaccept the electricity generated by such renewable energy power generation facilities.

20(Note 5) All the above information is based on the "Outline of the Basic Energy Plan" published by the Agency for Natural Resources andEnergy in October 2021.
(Note 6) The term “photovoltaic power generation facilities” refers to renewable energy power generation facilities that generate electricity
using sunlight as an energy source. The same shall apply hereunder. The term “photovoltaic power generation facilities” refers tophotovoltaic power generation facilities as well as their site, etc. The same shall apply hereunder.
c. Management Performance
During the previous fiscal period, CSIF acquired two facilities (total panel output (Note 1) of 60.9 MW and total acquisition price (Note 2) of¥30,590 million) on March 8, 2021, using part of the proceeds from a public offering and borrowings. As a result, it held a portfolio consistingof 25 facilities with a total panel output of 183.9 MW, a total acquisition price of ¥80,000 million, and a total price (Note 3) of ¥77,172 million
as of the end of the previous fiscal period and became the largest operator among listed infrastructure funds.
During the fiscal period under review, CSIF did not acquire any new assets nor sell any of the assets it owns but it continued to be thelargest operator among listed infrastructure funds as of the end of the fiscal period under review.
(Note 1) “Panel output” shall mean output calculated by multiplying rated output per solar cell module (meaning the maximum output stated in
specifications of solar cell module) used in each solar energy facility by the total number of panels. "Total panel output" shall mean
the total panel output rounded off to one decimal place. The same shall apply hereunder.
(Note 2) “Acquisition price” shall mean the sale and purchase price (excluding outsourcing service fees and other acquisition expenses
related to the acquisition of assets, property-related taxes, urban planning taxes, consumption taxes and other fees and charges)
described in the sale and purchase agreement pertaining to each asset acquired. It shall be rounded down to the nearest ten million
yen. "Total acquisition price" is the total of the sale and purchase prices described in the sale and purchase agreements pertaining
to each asset acquired. It shall be rounded down to the nearest ten million yen. The same shall apply hereunder.
(Note 3) “Price” shall mean the total intermediate value calculated by CSIF pursuant to paragraph 1, Article 41 of its Articles of Incorporation,using the appraised value as of December 31, 2021, in the range stated in the valuation report obtained fromPricewaterhouseCoopers Sustainability LLC. for the renewable energy power generation facilities at power plants from S-01 throughS-18. The appraised value of renewable energy power generation facilities at power plants from S-19 through S-25 is the total
appraised value which is rounded down to the nearest million yen as of December 31, 2021, stated as the median in the valuation
report obtained from Kroll K.K.
d. Overview of Financing
In the fiscal period under review, CSIF did not raise any additional funds, including the issuance of new investment units, borrowing offunds, and issuance of investment corporation bonds. However, during the fiscal period under review, CSIF made a repayment of ¥2,300
million by the consumption tax refund and a contractual repayment of ¥1,138 million at the end of the fiscal period under review, bringing thetotal amount of interest-bearing debt as of the end of the fiscal period under review to ¥39,937 million (amount of borrowings ¥35,037 million
and amount of investment corporation bonds ¥4,900 million). Consequently, the ratio of interest- bearing debt to total assets (ratio of interestbearing debt to total assets at the end of fiscal period) was 49.5%.
CSIF received a bond rating for its First Unsecured Investment Corporation Bonds from the following rating agency.
Rating status of CSIF as of the date of this document
Rating Agency

Japan Credit Rating Agency, Ltd.
(JCR)

Rating Subject

RatingRatingOutlookThe 1st Unsecured Investment Corporation Bond
(Specified investment corporation bonds with limited inter-bond pariA－

passu clause and for qualified institutional investors only)

CSIF received a credit rating from the following rating agency
Rating status of CSIF as of the date of this document
Rating Agency

Rating Subject

Rating and Investment Information,
Inc. (R&I)
Japan Credit Rating Agency, Ltd.
(JCR)

RatingRatingOutlookA-

StableA

StableLong-term Issuer Rating21

e. Overview of Business Performance and Distributions
As a result of the management described above, the business results in the fiscal period under review included operating revenue of¥3,587 million, operating income of ¥1,344, ordinary income of ¥1,123, and net income of ¥1,122 million.
With respect to distributions, the cash distribution policy set out in Article 47, Paragraph 1 of the Articles of Incorporation of the Investment
Corporation stipulates that the amount of distributions shall exceed the amount equivalent to 90% of “profit available for distribution" asprovided for in Article 67-15 of the Act on Special Measures Concerning Taxation (Act No. 26 of 1957 including subsequent amendments,
hereinafter the “Special Measures Taxation Act").
In addition, distributions in excess of earnings are calculated on the premise that such distributions will generally be made in accordancewith the cash distribution policy prescribed in CSIF’s Articles of Incorporation and the Asset Manager’s asset management guidelines
formulated as part of its internal regulations.
CSIF intends to make cash distributions to its unitholders for each fiscal period from free cash flow (hereinafter referred to as “FCF”)
generated by its renewable energy power generation facilities, in amounts determined in the following manner. The amount available for
distribution shall be calculated by multiplying FCF, that is net cash flow (hereinafter referred to as “NCF”; CSIF shall incorporate the total
amount of NCF remaining after deducting distributions for the preceding fiscal periods in calculating NCF) to be vested to equity investors
after deducting FCF payable to debt investors, by a certain ratio (hereinafter referred to as “payout ratio”; the payout ratio for the 9th fiscal
period is 82.3%) determined by CSIF in light of the amount of NCF for each fiscal period.
At the same time, CSIF intends to maintain a stable level of distributions for the time being. In determining the payout ratio describedabove, CSIF will consider the forecast NCF for each fiscal period to realize that level of distributions.
In addition to a cash distribution within the range of profit, CSIF intends to make distributions in excess of earnings for each fiscal period
on a continuous basis in order to realize this policy.
In developing its performance forecast (including any revisions thereof) for each fiscal period, in the case where NCF calculated from
actual energy output in a fiscal period (hereinafter referred to as “actual NCF”; CSIF shall incorporate the total amount of NCF remaining after
deducting distributions for the preceding fiscal periods in calculating actual NCF) exceeds NCF projected for the fiscal period (hereinafterreferred to as “projected NCF”; CSIF shall incorporate the total amount of NCF remaining after deducting distributions for the preceding fiscal
periods in calculating projected NCF) on the basis of an energy output value projected by professional specialists (P50) (Note) which forms
the foundation for the calculation of rents with regard to the renewable energy power generation facilities, CSIF intends to limit the cash
distribution to the amount of projected NCF multiplied by the payout ratio for said fiscal period.
On the other hand, in the case where actual NCF is equal to or below projected NCF, CSIF intends to make a cash distribution for the
fiscal period at the amount of actual NCF multiplied by the payout ratio.
Based on the above policy, CSIF decided to make a distribution for the fiscal period under review of ¥1,449,960,000, equivalent to 82.3%
of projected NCF for the period of ¥1,761,854,843, of which distribution in excess of earnings is ¥327,884,288 after deducting dividends forthe period of ¥1,122,075,712. Dividend per investment unit is ¥3,750 for the fiscal period under review, an increase of ¥50 compared with theprevious fiscal period.
(Note) For a definition of "energy output value projected by professional specialists (P50)" in the context of this report, please refer to"Assumptions Underlying Forecast of Management Status for Fiscal Period Ending June 30, 2022 (January 1, 2022 to June 30, 2022),
Fiscal Period Ending December 31, 2022 (July 1, 2022 to December 31, 2022), and Fiscal Period Ending June 30, 2023 (January 1,
2023 to June 30, 2023).

(3) Summary of Public Offering etc.
Date

Event

Total number of investment units
issued and outstanding (units)
ChangeMay 18, 2017
October 27, 2017
November 28, 2017
September 5, 2018
September 14, 2018
October 4, 2018
March 14, 2019
September 17, 2019
March 17, 2020
September 15, 2020

Establishment upon private
placement
Capital increase by public
offering
Capital increase by thirdparty allotment
Capital increase by public
offering
Cash distribution in excessof earnings (refund ofinvestment)
Capital increase by thirdparty allotment
Cash distribution in excessof earnings (refund ofinvestment)
Cash distribution in excessof earnings (refund ofinvestment)
Cash distribution in excessof earnings (refund ofinvestment)
Cash distribution in excessof earnings (refund ofinvestment)

Balance

Total amount of unitholders' capital(Note 1) (million yen)
ChangeRemarks

Balance

1,500

1,500

150

150

(Note 2)

177,800

179,300

16,891

17,041(Note 3)2,890

182,190274

17,315(Note 4)

46,667

228,857

4,509

21,824(Note 5)－

228,857(147)

21,677(Note 6)2,333

231,190

225

21,902(Note 7)－

231,190(420)

21,482(Note 8)－231,190(133)

21,349(Note 9)－231,190(309)

21,039(Note 10)－

231,190(163)

20,876(Note 11)

March 5, 2021

Capital increase by public
offering

151,500

382,690

18,10638,982(Note 12)

March 16, 2021

Cash distribution in excessof earnings (refund ofinvestment)－

382,690(138)

38,843(Note 13)

April 7, 2021

Capital increase by thirdparty allotment

3,966

386,656474

39,317(Note 14)

September 15, 2021

Cash distribution in excessof earnings (refund ofinvestment)-

386,656(357)

38,960(Note 15)

(Note 1) The amount of deduction of total amount of unitholders’ capital is deducted.
(Note 2) In the establishment of the CSIF, the investment units were issued at an issue price of ¥100,000 per unit. The party who applied for subscription of investment units upon
the establishment is Canadian Solar Projects K.K.
(Note 3) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of ¥100,000 (issue value of¥95,000) per unit.
(Note 4) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue value of ¥95,000 per unit for the purpose of appropriation to a part of
the funds for acquisition of specified assets or part of repayment of borrowings.
(Note 5) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of ¥102,180 (issue value of¥96,625) per unit.
(Note 6) CSIF decided, at a meeting of its Board of Directors held on August 14, 2018, to pay a cash distribution in excess of earnings (refund of investment) in an amount of ¥808
per unit for the second fiscal period (ended June 30, 2018), and began to pay it from September 14, 2018.
(Note 7) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue price of ¥96,625 per unit for the purpose of appropriation to a part of
the funds for acquisition of specified assets or a part of the funds for repayment of borrowings.
(Note 8) CSIF decided, at a meeting of its Board of Directors held on February 15, 2019, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥1,817 per unit for the third fiscal period (ended December 31, 2018), and began to pay it from March 14, 2019.
(Note 9) CSIF decided, at a meeting of its Board of Directors held on August 13, 2019, to pay a cash distribution in excess of earnings (refund of investment) in an amount of ¥577
per unit for the forth fiscal period (ended June 30, 2019), and began to pay it from September 17, 2019.
(Note 10) CSIF decided, at a meeting of its Board of Directors held on February 13, 2020, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥1,340 per unit for the fifth fiscal period (ended December 31, 2019), and began to pay it from March 17, 2020.
(Note 11) CSIF decided, at a meeting of its Board of Directors held on August 14, 2020, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥708 per unit for the sixth fiscal period (ended June 30, 2020), and began to pay it from September 15, 2020.
(Note 12) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of ¥125,115 (issue value of¥119,517) per unit.
(Note 13) CSIF decided, at a meeting of its Board of Directors held on February 17, 2021, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥601 per unit for the seventh fiscal period (ended December 31, 2020), and began to pay it from March 16, 2021.
(Note 14) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue value of ¥119,517 per unit for the purpose of appropriation to a partof the funds for acquisition of specified assets or part of repayment of borrowings.
(Note 15) CSIF decided, at a meeting of its Board of Directors held on August 13, 2021, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥924 per unit for the eighth fiscal period (ended June 30, 2021), and began to pay it from September 15, 2021.

22

23

(4) Historical Distributions
Based on the unappropriated earnings of JPY 1,122 mln for the 9th FP, after a rounding down for the amount below JPY 1 million, JPY
1,122 million is the distribution for profit. Together with JPY 327 million of distribution in excess of earnings, as the result, JPY 3,750 is the
DPU for the period.
l Period
Unappropriated Earnings or Undisposed Losses(in JPY thousand)5th FP

6th FP

7th FP

8th FP

9th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

Fr. Jan. 1, 2020
To Jun. 30, 2020

Fr. Jul. 1, 2020
To Dec. 31, 2020

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

534,065

691,823

716,565

1,073,432

1,122,287

Retained Earnings (in JPY thousand)Total Distribution (in JPY thousand)

16

103

108

75

211

843,843855,403855,4031,430,627

1,449,960(3,650)(3,700)(3,700)(3,700)（3,750）Distribution for Profit (in JPY thousand)(DPU, in JPY)

534,048

691,720

716,457

1,073,357

1,122,075(Distribution for Profit per Unit, in JPY)

(2,310)(2,992)(3,099)(2,776)（2,902）Distribution in Excess of Earnings (in JPY
thousand)309,794

163,682

138,945357,270

327,884(1,340)

(708)

(601)

(924)

（848）

Distribution from Allowance for Adjustment for
Temporary Difference out of Distribution in Excessof Earnings (in JPY thousand)

－

－

－

－

－

(Distribution from Allowance for Adjustment for
Temporary Difference per Unit out of Distribution in
Excess of Earnings per Unit, in JPY)

(－)

(－)

(－)

(－)

（－）

309,794

163,682

138,945357,270

327,884(1,340)

(708)

(601)

(924)

（848）

(Distribution in Excess of Earnings per Unit, in
JPY)

Distribution as Redemption of Capital based on
Tax Law (in JPY thousand)(Distribution as Redemption of Capital based on
Tax Law, in JPY)

(Note) The fund makes distribution in excess of earnings every FP based on its article 47.2. Based on this policy, JPY 327mln which is 22.6% of the depreciation expenses, JPY
1,452mln, is to be distributed as the distribution in excess of earnings. As a result, JPY 3,750 is DPU for the 9th FP.

(5) Operational Policy and Agendas in the Futurea. Outlook for the Future Management
When considering the outlook for the Japanese economy in FY2022, the status of the COVID-19 pandemic needs to be kept in mind.
Japan, alongside other developed nations, made fast progress on its COVID-19 vaccine rollout in the second half of 2021 and, as of January
26, 2022, 78.7% of the population was fully vaccinated with the second dose, beating inoculation rates in the US and Europe. As a result,
COVID-19 numbers were kept fairly low and, especially from October, Japan saw a burst of economic activity, fueling expectations forrecovery. However, in early December, the highly transmissible Omicron variant emerged and has continued to spread all around the world.
The situation in Japan has also been unpredictable since the beginning of January 2022, with case numbers rapidly rising. Assuming that the
pandemic drags on, some degree of restriction on economic activity is inevitable until a significant proportion of the population has received athird dose of a COVID-19 vaccine. On the other hand, given that the risk of hospitalization has been found to be lower for the Omicron variant
than for the previous Delta and other variants and that developments such as the vaccine rollout and the development of treatments are likely
to bolster the economy's capacity to make a self-sustained recovery in Japan, there may be grounds to expect that the pace of recovery will
be quicker than in 2021.
With respect to the environment surrounding photovoltaic power generation facilities that are included in renewable energy power
generation facilities, as stated in “(I. Overview of the Fiscal Period under Review) b. Investment Environment” above, the 6th Basic Energy
Plan states that a crucial part of energy policies for 2030 (Note) is to ensure, with “S+3E” as the basic premise, that renewables become amajor power source and to focus on renewables as an overriding principle, encouraging maximum adoption whilst reducing the impact on
Japanese people and seeking co-existence with local communities (Note), and the 2030 energy mix also indicates an increase in the shareof renewables, setting ambitious forecasts.
On the other hand, as stated in “(I. Overview of the Fiscal Period under Review) b. Investment Environment” above, the curtailment that
requires renewable energy power generation operators to temporarily suspend power generation through photovoltaic power generation
facilities, etc. was resumed in areas under the jurisdiction of Kyushu Electric Power from October 2019. However, if renewable energy
adoption continues to expand in the future, curtailment may also be implemented in other regions besides the Kyushu region such as the
Tohoku region and the Chugoku region. At a meeting of experts (Working Group on Grid Connection of Electricity and Gas Basic Policy
Subcommittee) held on December 15, 2021, the 2022 curtailment forecasts were announced. It was announced that, in the daytime light load
season in April-May 2022, there was a higher possibility of implementation of curtailment in areas under the jurisdiction of the Tohoku ElectricPower Network Co., Inc. the Hokkaido Electric Power Network, Inc., the Shikoku Electric Power Transmission & Distribution Company, Inc.,and the Okinawa Electric Power Company, Inc. respectively. It was also announced that 10-500 kW commercial solar photovoltaic systems
connected to the grid under the old rule, which were previously not subject to curtailment, will also become subject to curtailment.
Furthermore, at a meeting of the Subcommittee on Mass Introduction of Renewable Energy and Next-Generation Electricity Networks held on
December 24, 2021, the idea that lowering the minimum output of thermal power generation facilities would be an effective way to reduce thecurtailment of renewables was put forward. Further consideration of this idea could potentially lead to solar power generation facilities that are
currently subject to curtailment being less affected in the future.
Producer-side charges are being considered, as described in “b. Investment Environment” under “I. Overview of the Fiscal Period under
Review” above, and details were previously expected to be determined by the end of the FY2021. However, the 6th Basic Energy Plan
outlines the intention to continue considering the matter including the need for introduction, and based on the judgment that, given thecircumstances, a decision is unlikely any time soon, the Subcommittee on Mass Introduction of Renewable Energy and Next-Generation

24

Electricity Networks indicated, at its meeting on December 24, 2021, a plan to consider the nature of recovery of expenses relating totransmission and distribution including producer-side charges with FY2024 in mind and to aim to reach a conclusion during FY2022.
As described in “b. Investment Environment” under “I. Overview of the Fiscal Period under Review” above, with respect to the 2020
Amendment to the Renewable Energy Special Measures Act, progress is being made on the task of revising government and ministerial
ordinances and METI notices, etc. based on consideration of detailed designs, such as the FIP system, system for nullifying approvals andreserve of demolishing costs for solar power generation facilities to be introduced under the Act, in anticipation of enactment of the amended
Act in April 2022.
(Note) All the above information is based on the "Outline of the Basic Energy Plan" published by the Agency for Natural Resources andEnergy in October 2021.

b. Future Management Policy(i) External Growth Strategy
The Canadian Solar Group (Note 2), which is the Sponsor Group (Note 1) of CSIF, adopts the vertical integration model (Note3) that hasdeveloped mainly in the photovoltaic power generation market in Europe and America and applies this model in the global market, including
Japan. CSIF considers that mutual cooperation between the Group and CSIF (engaging in investment in and management of photovoltaic
power generation facilities) through the Sponsor Group based on the vertical integration model for the construction of the value chain (Note4) with the aim of creating mutual value should lead to the enhancement of value for unitholders.
Specifically, CSIF intends to increase assets by utilizing the preferential trading negotiation right granted by the Sponsor Group andacquiring photovoltaic power generation facilities, etc. whose value is high from the pipelines of the Sponsor. Meanwhile, in February 2021,
Canadian Solar Inc., one of the world's largest solar power companies and CSIF's Sponsor, partnered with Macquarie Advisory & Capital
Solutions (hereinafter referred to as "Macquarie"), the advisory and capital markets arm of the Macquarie Group (ASX:MQG) to establish
Japan Green Infrastructure Fund (hereinafter referred to as the "Fund"), which will invest in renewable energy power generation facilities,
etc., in Japan. The Fund has secured ¥22 billion of committed capital from investors including Canadian Solar Inc. and Macquarie. This
capital will be used to develop, build and accumulate new renewable energy power generation facilities, etc. in Japan. The Fund aims tocatalyze large-scale investments within its six-year fund term. It will indirectly invest in renewable energy power generation facilities, etc.
developed and operated by Canadian Solar Inc., CSIF's Sponsor, by holding a silent partnership equity interest (hereinafter referred to as the"Silent Partnership Equity Interest") in SPCs of the Sponsor Group which own said renewable energy power generation facilities, etc. These
renewable energy power generation facilities, etc. will be subject to the preferential trading negotiation right granted to CSIF and the AssetManager by the Sponsor in accordance with the Sponsor Support Agreement executed between CSIF, the Asset Manager and the Sponsor.
In addition to said preferential trading negotiation right granted under the Sponsor Support Agreement, CSIF and the Asset Manager havealso acquired a preferential trading negotiation right in relation to the Silent Partnership Equity Interest held by the Fund in accordance withan Agreement Concerning Granting of Preferential Negotiation Right executed on March 30, 2021 between CSIF, the Asset Manager andGreen Infrastructure Fund Pte. Ltd., which is the General Partner of the Fund. CSIF believes that establishment of the Fund will accelerate
the development of projects by the Sponsor, thereby enhancing the sponsor pipeline and opening up further opportunities for CSIF.
Furthermore, CSIF will strive to expand growth opportunities by aiming to actively acquire renewable energy power generation facilities,
etc. held by persons other than the Sponsor Group by utilizing the Sponsor Group’s networks of brokers and power producers, in addition to
the two pipeline routes described above.
(Note 1) The “Sponsor Group” collectively refer to (i) the Sponsor (Canadian Solar Projects K.K.), (ii) special purpose companies (they may
be hereinafter referred to as “SPCs”), partnerships or other funds with which the Sponsor has entered into the asset management
service agreement, (iii) Canadian Solar O&M Japan K.K. (it may be hereinafter referred to as “CSOM Japan”) and (iv) special
purpose companies, partnerships or other funds in which the Sponsor or its subsidiary own a majority interest. The same shall apply
hereunder.
(Note 2) The “Canadian Solar Group” refers to the consolidated corporate group with Canadian Solar Inc. (headquartered in Canada) at the
top to which the Sponsor (Canadian Solar Projects K.K.) belongs. The same shall apply hereunder.
(Note 3) The term "vertically integrated model" means a business model where a broad spectrum of business domains across thephotovoltaic market, ranging from the planning, manufacture and sales of solar modules to the provision of EPC and O&M services,
are vertically integrated. The same shall apply hereunder.
(Note 4) The term "value chain" generally refers to a relationship between processes such that value is added cumulatively to products andservices with each process.
(ii) Internal Growth Strategy
CSIF contracts out O&M (Note) to CSOM Japan, which is a wholly owned subsidiary of the Sponsor and provides O&M services in Japan,
in principle, for the availability of homogeneous O&M services to the extent that CSIF considers essential. CSIF aims to thereby reduce theoperational risk and operating costs by utilizing the services of CSOM Japan and placing a blanket order, respectively.
By making the most of the strong operation and management abilities realized by utilizing the global monitoring platform of the Sponsor
Group in the early discovery and repair of failures of power generation facilities, CSIF will aim to reduce the loss of power generation. In
addition, CSIF will implement the appropriate repair and facilities replacement of assets under management to maintain and enhance thevalue of assets from the medium- to long-term perspective, thereby securing stable revenue in the medium to long term.
In response to the curtailment implemented by Kyushu Electric Power described in “b. Investment Environment” under “I. Overview of the
Fiscal Period under Review” above, CSIF performed construction for online curtailment at each of the power generation plants which areassets in its portfolio as did in the previous fiscal period. While all the power plants under Kyushu Electric Power's jurisdiction owned by CSIF
are subject to the 30-day rule for curtailment, the above construction required for online curtailment allows a shift from the previous all-day
curtailment to hourly curtailment and reduction of a decrease in lease revenue caused by curtailment. In addition, curtailment within a day iscounted as one day regardless of the duration, which allows the power plant to respond to curtailment during peak demand for electricity
while complying with the 30-day rule. As a result of further progress shifting to the online curtailment arrangement during the fiscal period
under review, as of the end of the period, all photovoltaic power plants in Kyushu, with the exception of CS Hiji-machi Dai-ni Power Plant,
have shifted to online curtailment (CS Hiji-machi Dai-ni Power Plant is expected to shift to online curtailment in February 2022).
As part of its activities related to the Principles for Responsible Investment (UN PRI), the Asset Manager signed the UN PRI on August 13,
2019, and established the Approach to the Principles for Responsible Investment at the end of December 2020 as the basic ESG policy of
the Asset Manager. CSIF obtained the following evaluation from the Japan Credit Rating Agency, Ltd. (JCR) regarding the green finance25

framework in order to apply for external certification and assessment for its ESG, and its evaluation was updated in May 2021.
Date of Evaluation
May 11, 2021

Evaluating Agency
Japan Credit Rating
Agency, Ltd.(JCR)

Evaluation
Overall

2. Overview of Fund Corporation(1) Summary of Invested CapitalGreen 1 (F)Greenness (use of proceeds)g 1 (F)

Fiscal Period

Management, Operation and Transparency

m 1 (F)

The Number of Units Allowed for Issuance(Note) “O&M” is an abbreviation of Operation & Maintenance. The same shall apply hereunder.

CSIF has gradually concluded specified wholesale supplying agreements with respect to its assets, concluding an agreementwith Zero Watt Power Inc. for CS Izu-shi Power Plant, CS Ōgawara-machi Power Plant, CS Daisen-cho Power Plant (A.B), CS
Mashiki-machi Power Plant and CS Hiji-machi Dai-ni Power Plant, and an agreement with UPDATER Inc. for CS Marumori-machi
Power Plant, thereby contributing to the sale of clean renewable energy produced at each power plant.

5th FP

6th FP

7th FP

8th FP

9th FP

Dec. 31, 2019

Jun. 30, 2020

Dec. 31, 2020

Jun. 30, 2021

Dec. 31, 2021

10,000,000

10,000,000

10,000,000

10,000,000

10,000,000

Total Number of Units Issued

231,190

231,190

231,190386,656

386,656

Unitholders’ Capital (net) (Note) (in JPY mln)

21,34921,03920,87639,31738,960

The Number of Unitholders

11,40012,005

11,746

17,931

18,488(Note) Deductible amount for unitholders’ capital is deducted from the gross amount of unitholders’ capital.

(2) Major Unitholders List(iii) Financial Strategy
To secure stable revenue and ensure the growth of the managed assets of CSIF, CSIF will consider financing by public offering,borrowings and other means in the acquisition of new assets, while watching changes in the financing environment closely.

(6) Facts arising after the settlement of accounts
Not applicable

Major unitholders as of December 31, 2021 are as follows.
Name

Ratio vs Total Number of Units Issued(%)

The Number of Units Held

Canadian Solar Project K.K.

56,62014.64

SSBTC CLIENT OMNIBUS ACCOUNT

10,757

2.78

THE BANK OF NEW YORK

10,303

2.66

THE BANK OF NEW YORK MELLON

8,923

2.30

THE BANK OF FUKUOKA LTD.

7,686

1.98

The Rokinren Bank

6,536

1.69

JP MORGAN CHASE BANK

6,100

1.57

Custody Bank of Japan, Ltd. (trust account)

4,338

1.12

THE HACHIJUNI BANK,LTD.

3,759

0.97

Yasukane Matsumoto

3,300

0.85

118,322

30.60

Total
(Note) The ratio is rounded down to two decimal places.

(3) Summary of Executives

a.Executive Director, Supervisory Director and Accounting Auditor
Position
Executive Director

Name
Tetsuya Nakamura

Takashi Handa
Supervisory Director
Eriko Ishii
Accounting Auditor

Compensation(in JPY thousand)Concurrent Post
Representative director of Canadian Solar AssetManagement K.K.
Zuken Inc. (Audit and Supervisory board member)
IDERA Capital Management Ltd. (Audit and Supervisoryboard member)Polaris Holdings Co., Ltd. (Outside Director)
Shin Saiwai Law Office (Partner, Attorney at law)
Itochu REIT Management Co., Ltd. (Member of thecompliance committee)

Grant Thornton Taiyo LLC

－

2,400

10,000－(Note 1) Tetsuya Nakamura resigned from the executive director of CSIF as of January 1, 2022. On the same day, he resigned from the representative director of Canadian AssetManagement K.K. Hiroshi Yanagisawa was appointed as the new executive director of CSIF and became it on January 1, 2022. On the same day, he became therepresentative director of Canadian Solar Asset Management K.K.
(Note 2) The executive directors and the supervisory director don’t hold the fund’s unit. Although the supervisory directors may be in a position of executive officer of any
corporations other than stated above, there is no conflict of interest related to the fund.
(Note 3) Compensation for the accounting auditor includes compensation for the audit of English financial statements and assessment of value of specified assets.
(Note 4) Overview of details of directors and officers liability insurance policy
CSIF has entered into a directors and officers liability insurance policy with an insurance company, as provided for in Article 116-3, Paragraph 1 of the Investment Trust Act.
This insurance policy covers lossses arising from claims for damages borne by the insureds due to errors, breach of duty, nonfeasance, etc.The above-mentioned Ececutive
Director and all of the Supervisory Directors are insureds under this insurance policy. However, CSIF does not cover losses and costs personally incurred by officers throughcriminal acts and intentional illigal activities, such as bribery, as a measure to ensure that the proper performance of duties of officers, etc.,is not impaired.The full amount of
the insurance premium for this insurance policy excluding special contract is borne by CSIF.

b.The policy on decision of removal / not-to-reappoint of accounting auditor
Decision of removal is made based on Investment Trust Law and not-to-reappoint is made by unitholders’ meeting.

(4) Asset Manager, Asset Custodian and Administrator

Asset manager, asset custodian and administrator as of December 31, 2021 are as follows.
Delegated Position

26

Name

Asset Manager

Canadian Solar Asset Management K.K.

Asset Custodian

Sumitomo Mitsui Trust Bank, Ltd.

Administrator (Institutional Operation)

Sumitomo Mitsui Trust Bank, Ltd.

Administrator (Custodian of List of Unitholders)

Sumitomo Mitsui Trust Bank, Ltd.

Administrator (Accounting)

Ernst & Young Tax Co.

Administrator (Administration of Bond)

Mizuho Bank, Ltd.

27

(2) Major Assets List

3. Overview of Assets under Management

The summary of the top 10 assets as of December 31, 2021 is as follows.

(1) Composition of Assets and Regional Diversification
8th FP
As of Jun. 30, 2021
Type of asset

Region (Note 1)

Hokkaido/Tohoku
Kanto
Tokai
Solar energy facility
Chugoku/Shikoku
KyushuSubtotal
Hokkaido/Tohoku
Kanto
Land
Tokai
Chugoku/Shikoku
KyushuSubtotal
Hokkaido/Tohoku
Kanto
Land lease
Tokai
Chugoku/Shikoku
KyushuSubtotal
Hokkaido/Tohoku
Solar energy facility intrust
KyushuSubtotal
Hokkaido/Tohoku
Land in trust
KyushuSubtotal
Hokkaido/Tohoku
Kanto
Solar energy facility etc. Tokai
Chugoku/Shikoku
KyushuSubtotal
Solar energy facility etc. total
Saving/other assets
Asset total (2)Total Asset-UnderManagement (AUM)(‘000yen)(Note 2)
956,8632,243,053
5,409,653
9,577,438
20,092,588
38,279,597
48,970648,591
63,309560,196
3,184,875
4,505,944
69,41759,197
331,596
3,415
692,471
1,156,098
3,504,543
23,048,333
26,552,877
116,748
4,654,397
4,771,145
4,696,543
2,950,842
5,804,559
10,141,050
51,672,667
75,265,664
75,265,664
9,033,414
84,299,078

As of Dec. 31, 2021

% of total AUM(Note 3)

1.1
2.7
6.4
11.4
23.8
45.4
0.1
0.8
0.1
0.7
3.8
5.3
0.1
0.1
0.4
0.0
0.8
1.4
4.2
27.3
31.5
0.1
5.5
5.7
5.6
3.5
6.9
12.0
61.3
89.3
89.3
10.7
100.0

Total Asset-UnderManagement (AUM)(‘000yen)(Note 2)
935,6132,187,152
5,292,208
9,349,826
19,634,457
37,399,257
48,970648,591
63,309560,196
3,184,875
4,505,944
69,41759,197
331,596
3,415
692,471
1,156,098
3,453,966
22,573,278
26,027,244
116,748
4,653,157
4,769,905
4,624,716
2,894,942
5,687,114
9,913,438
50,738,240
73,858,451
73,858,451
6,774,588
80,633,040

Rental Revenue Earned by Infrastructure Asset(in JPY thousand)Name of Infrastructure Asset

9th FP% of total AUM(Note 3)

1.2
2.7
6.6
11.6
24.4
46.4
0.1
0.8
0.1
0.7
3.9
5.6
0.1
0.1
0.4
0.0
0.9
1.4
4.3
28.0
32.3
0.1
5.8
5.9
5.7
3.6
7.1
12.3
62.9
91.6
91.6
8.4
100.0

(Note 1) "Hokkaido/Tohoku" refers to Hokkaido, Aomori prefecture, Iwate prefecture, Akita prefecture, Miyagi prefecture, Fukushima prefecture and Yamagata prefecture. "Kanto"refers to Ibaraki prefecture, Tochigi prefecture, Gunma prefecture Tokyo, Kanagawa prefecture, Saitama prefecture, Chiba prefecture, Yamanashi prefecture, Nagano
prefecture and Niigata prefecture. "Tokai" refers to Shizuoka prefecture, Aichi prefecture, Gifu prefecture, Mie prefecture, Toyama prefecture, Ishikawa prefecture andFukui prefecture. "Chugoku/Shikoku" refers to Okayama prefecture, Hiroshima prefecture, Yamaguchi prefecture, Tottori prefecture, Shimane prefecture, Kagawa
prefecture, Kochi prefecture, Tokushima prefecture and Ehime prefecture. "Kyushu" refers to Fukuoka prefecture, Oita prefecture, Miyazaki prefecture, Kagoshima
prefecture, Kumamoto prefecture, Nagasaki prefecture, Saga prefecture and Okinawa prefecture. The same applies hereinafter.
(Note 2) AUM refers to the numbers in the balance sheet.
(Note 3) The ratios are rounded off to the first decimal place.

Book Value(in JPY mln)

CS Hiji-machi Dai-ni Power Plant

1,102,037

27,528CS Mashiki-machi Power Plant

931,842

17,195

CS Daisen-cho Power Plant (A) and (B)521,180

9,165

CS Izu-shi Power Plant

223,191

4,262

CS Ogawara-machi Power Plant

119,321

2,715

83,2271,475

CS Minamishimabara-shi Power Plant (East)and (West)
CS Minano-machi Power Plant

38,832930

CS Hiji-machi Power Plant

53,155867

CS Ashikita-machi Power Plant

49,801840

CS Isa-shi Dai-san Power Plant

47,701807

3,170,361

65,789Total(Note) There are no events which have impacts on any investment decision on infrastructure assets.

(3) Details of Assets
a.Details of Power Generation Facilities(i) Summary

Type of Asset

Property andEquipment

Intangible
AssetsBeginning
Balance

Increase in
the FP

Decrease in
the FP

Accumulated Depreciation /Amortization

EndingBalance

For this FP

Net Ending
Balance

Abstract

Structures

1,048

-

-

1,048

149

21

898

Machinery andEquipment

42,43626-

42,462

6,462

872

36,000Tools, Furnitureand Fixtures

590

-

-

590

90

11

500

4,505

-

-

4,505

-

-

4,505

6

-

6

-

-

-

-

(Note2)(Note 1)Land
Construction inprogress
Structures in trust
Machinery andEquipment in trust
Tools, Furnitureand Fixtures intrust
Land in trust

6,559

18

10

6,567

198

121

6,368

(Note3)

20,26011-

20,271

703

422

19,567(Note1)

93

-

-

93

3

1

90

4,771

-

1

4,769

-

-

4,769

Total

80,27256

1880,310

7,608

1,451

72,702

Leasehold Rights

1,156

-

-

1,156

-

-

1,156

3

-

-

3

3

0

0

1,160

-

-

1,160

3

0

1,156

SoftwareTotal
th(Note1) The increase for the 9 FP is related to the capital expenditure of the power plants.
th(Note2) The decrease for the 9 FP is related to the remodeling work for online curtailment for S-08 CS Hiji-machi Power Plant.
thth(Note3) The increase for the 9 FP is related to the re-installment of fences for S-22 CS Ishikari Shinshinotsu-mura Power Plant. And the decrease for the 9 FP is for the disposalof a part of the facilities of S-22 CS Ishikari Shinshinotsu-mura Power Plant.

28

29

(ii) Details of Power Generation Facilities
The following table provides summary information for the CSIF owned 25 renewable energy facilities as of December 31, 2021. The renewable energy facilities suiteto the standards stipulated in each section in the Article 9, 3 of the Act on Special Measures Concerning Procurement of Electricity from Renewable Energy Sources

Asset #

Project name

S-01

CS Shibushi-shi
Power Plant

S-02

CS Isa-shi Power
Plant

S-03

CS Kasama-shi
Power Plant

S-04

CS Isa-shi Dai-niPower Plant

S-05

CS Yusui-cho
Power Plant

S-06

CS Isa-shi Dai-sanPower Plant

S-07

CS Kasama-shi Daini Power Plant

S-08

CS Hiji-machi
Power Plant

S-09

CS Ashikita-machi
Power Plant

S-10

CS Minamishimabara-shi
Power Plant (East) / CS
Minamishimabara-shi Power
Plant (West)

S-11

CS Minano-machi
Power Plant

S-12

CS Kannami-cho
Power Plant

S-13

CS Mashiki-machi
Power Plan

S-14

CS Koriyama-shi
Power Plan

S-15

CS Tsuyama-shi
Power Plan

S-16

CS Ena-shi Power
Plant

S-17

CS Daisen-cho Power
Plant (A) and (B)

S-18

CS Takayama-shi
Power Plant

S-19

CS Misato-machi
Power Plant

S-20
S-21

by Electricity Utilities.
Location

Site Area(m2) (Note 1)

PPA Purchase Price(yen/kwh) (Note 2)

Certification Date

CS Shibushi-shi
Power Plant

Shibushi-shi, Kagoshima(Note 3)(Note 4)

19,86140

February 26, 2013

September 16,
2034

Solar Plant etc.

CS Isa-shi Power
Plant

Isa-shi, Kagoshima

22,22340

February 26, 2013

June 8, 2035

S-03

Solar Plant etc.

CS Kasama-shi
Power Plant

Kasama-shi, Ibaraki

42,666(Note 5)40

January 25, 2013

June 25, 2035

S-04

Solar Plant etc.

CS Isa-shi Dai-niPower Plant

Isa-shi, Kagoshima

31,81836

October 2, 2013

June 28, 2035

S-05

Solar Plant etc.

CS Yusui-cho
Power Plant

Aira-gun, Kagoshima

25,27436

March 14, 2014

August 20, 2035

S-06

Solar Plant etc.

CS Isa-shi Dai-sanPower Plant

Isa-shi, Kagoshima

40,73640

February 26, 2013

September 15,
2035

S-07

Solar Plant etc.

CS Kasama-shi Daini Power Plant

Kasama-shi, Ibaraki

53,27540

January 25, 2013

September 23,
2035

S-08

Solar Plant etc.

CS Hiji-machi
Power Plant

Hayami-gun, Oita

30,24636

July 16, 2013

October 12, 2035

S-09

Solar Plant etc.

CS Ashikita-machi
Power Plant

Ashikita-gun, Kumamoto

45,74040

February 26, 2013

December 10,
2035

Solar Plant etc.

CS Minamishimabarashi Power Plant (East) /CS Minamishimabarashi Power Plant (West)

Minamishimabara-shi,
Nagasaki

56,06640

February 26, 2013
(East)
February 26, 2013
(West)

December 24,
2035 (East)
January 28, 2036
(West)

Asset #

Category

S-01

Solar Plant etc.

S-02

S-10

Project NameFIT Term End

S-11

Solar Plant etc.

CS Minano-machi
Power Plant

Chichibu-gun, Saitama

44,90432

December 11,
2014

December 6, 2036

S-12

Solar Plant etc.

CS Kannami-cho
Power Plant

Tagata-gun, Shizuoka

41,33936

March 31, 2014

March 2, 2037

S-13

Solar Plant etc.

CS Mashiki-machi
Power Plant

Kamimashiki-gun,
Kumamoto

638,552(Note 6)36

October 24, 2013

June 1, 2037

S-14

Solar Plant etc.

CS Koriyama-shi
Power Plan

Koriyama-shi, Fukushima

30,376(Note 5)32

February 27, 2015

September 15,
2036

S-15

Solar Plant etc.

CS Tsuyama-shi
Power Plant

Tsuyama-shi, Okayama

31,05932

September 26,
2014

June 29, 2037

S-16

Solar Plant etc.

CS Ena-shi PowerPlant

Aza Ochise, Kusumi, Osashimacho, Ena-shi, Gifu

37,37332

February 24, 2015

September 12,
2037

Solar Plant etc.

CS Daisen-choPower Plant (A) and(B)

Aza Magoese, Toyofusa,
Daisen-cho, Saihaku-gun,Tottori (A)Aza Kamikawara,
Toyofusa, Daisen-cho,
Saihaku-gun, Tottori (B)40

February 22, 2013
(A)
February 28, 2013
(B)

August 9, 2037

S-17

452,760(Note 7)

S-18

Solar Plant etc.

CS Takayama-shi
Power Plant

Shingumachi, Takayamashi, Gifu

16,278(Note 5)32

January 30, 2015

October 9, 2037

S-19

Solar Plant etc.

CS Misato-machi
Power Plant

Misato-machi, Kodamagun, Saitama

25,31532

January 6, 2015

March 26, 2037

S-20

Solar Plant etc.

CS Marumori-machi
Power Plant

Marumori-machi, Igu-gun,
Miyagi65,306(Note 8)36

February 28, 2014

July 12, 2038

S-21

Solar Plant etc.

CS Izu-shi Power
Plant
CS Ishikari
Shinshinotsu-muraPower Plant
CS Osaki-shi
Kejonuma Power
Plant
CS Hiji-machi Dai-niPower Plant

Ono Aza Okubo, Izu-shi,
Shizuoka

337,160

36

March 31, 2014

November 29,
2038

Ishikari-gun Hokkaido

42,977

24

November 18,
2016

July 15, 2039

Osaki-shi Miyagi

26,051

21

March 27, 2018

July 21, 2039

Hayami-gun Oita

1,551,086(Note 9)40

March 15, 2013

October 30, 2039

Shibata-gun Miyagi

123,624(Note 10)32

February 9, 2015

March 19, 2040

S-22

Solar Plant etc.

S-23

Solar Plant etc.

S-24

Solar Plant etc.

S-25

Solar Plant etc.

CS Ogawara-machi
Power Plant

S-23
S-24
S-25

(Note 1) The numbers for “Site Area” are not equal to the real situation but based on the ground register.
(Note 2) “PPA Purchase Price” are the FIT price for each power plant (excluding consumption tax amount).
(Note 3) “Certification Date” denotes the date each power plant is certified under the article 6.1 of Revision Renewable Energy Special Measures Law. Each power plant is deemedbeing certified on April 1, 2017 based on the article 9.3 of Revision Renewable Energy Special Measures Law.
(Note 4) “FIT Term End” denotes the date 20-year FIT term ends for each power plant.
(Note 5) The number for the site area is only for the power plant’s land ownership rights and doesn’t include easement.
(Note 6) The number for the site area is only for the power plant’s and self-employed line’s land ownership rights and doesn’t include easement.
(Note 7) The number for the site area is only for the power plant’s and self-employed line’s surface rights and doesn’t include leasehold rights and easement.
(Note 8) The number for the site area is only for the power plant’s, self-employed line’s and access road’s surface rights and doesn’t include easement.
(Note 9) The number for the site area is only for the power plant’s, self-employed line’s and access road’s land ownership rights and leasehold rights and does not include
easement.
(Note 10) The number for the site area is only for the power plant’s, self-employed line’s and access road’s surface rights and leasehold rights and does not include easement.

30

S-22

Acquisition Price(million yen)

Fiscal period end
valuation (million
yen) (Note 2)

Certified Operator

PPA company

Tida Power01 G.K

Kyushu Electric Power
Co., Inc

540

492

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

372

329

Tida Power01 G.K.

TEPCO Energy Partner,
Incorporated

907

922

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

778

682

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

670

589

Tida Power01 G.K..

Kyushu Electric Power
Co., Inc

949

843

Tida Power01 G.K..

TEPCO Energy Partner,
Incorporated

850

802

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

1,029

910

Tida Power01 G.K..

Kyushu Electric Power
Co., Inc

989

885

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

1,733

1,597

Tida Power01 G.K.

TEPCO Energy Partner,
Incorporated

1,018

1,019

Tida Power01 G.K..

TEPCO Energy Partner,
Incorporated

514

502

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc.

19,751

19,524

Tida Power01 G.K..

Tohoku Electric Power
Co., Inc.

246

228

Tida Power01 G.K..

The Chugoku ElectricPower Co., Inc.

746

695

Tida Power01 G.K..

The Chubu ElectricPower Co., Inc.

757

742

Tida Power01 G.K..

The Chugoku ElectricPower Co., Inc.

10,447

9,641

Tida Power01 G.K.

The Chubu ElectricPower Co., Inc.

326

303

Tida Power01 G.K.

TEPCO Energy Partner,
Incorporated

470

429

CS Marumori-machi
Power Plant

Tida Power01 G.K.

Tohoku Electric Power
Co., Inc.

850

772

CS Izu-shi Power
Plant

Tida Power01 G.K.

TEPCO Power Grid,
Incorporated

4,569

4,257

Tida Power01 G.K.

Hokkaido Electric Power
Network Co., Ltd.

680

621

CS Ishikari
Shinshinotsu-muraPower Plant
CS Osaki-shi
Kejonuma Power
Plant
CS Hiji-machi Dai-niPower Plant
CS Ogawara Power
Plant

Tida Power01 G.K.

Tohoku ElectricPower Network Co.,Inc.

(Note 1)
(Note 5)

208

195

Kyushu Electric Power Co.,LOHAS ECE 2 G.K.
Inc.

27,851

27,485

Tida Power01 G.K.
(Note 6)

2,745

2,703

80,001

77,172

Total

Tohoku ElectricPower Network Co.,Inc.

Appraisal value of solar
plants(million yen)(Note 3)(upper:solar energy
facility) (lower:land)
356
136
307
21
690
232
645
36
561
27
790
52
757
44
874
35
851
34
1,525
72
769
250
462
39
15,914
3,610
177
50
557
138
706
35
9,320
321
243
60
311
118
756
16
4,038
219
556
64
155
39
22,665
4,820
2,657
45
66,651
10,520Fiscal period end
book value(million yen)
(Note 4)

475
319
803
658
569
807
712
867
840

1,475

930
492
17,195
225
748
630
9,165
301
447
776
4,262
692
214
27,5282,715
73,858(Note 1) Acquisition price is based on acquisition price as described in the purchase agreements (excluding acquisition expenses related to the payment of outsourcing service
fees, property-related taxes, taxes on depreciable assets, urban planning taxes, consumption taxes and other fees).
(Note 2) For S-01 to S-18, the fiscal period end valuation is the median amount that the Investment Corporation calculated in accordance with Article 41, paragraph 1 of the CSIF's
Articles of Incorporation based on the range of valuation provided to us by PricewaterhouseCoopers Sustainability LLC and, for S-19 to S-25, the fiscal period end
valuation is based on the median amount which is the total sum of the median amount rounded down to the nearest million yen stated in the valuation provided to us by
Kroll International Inc.
(Note 3) On the upper row of the appraisal value of solar plants, an assumed appraisal value of solar energy projects that is obtained by deducting the real estate appraisal value
calculated by Daiwa Real Estate Appraisal Co., Ltd. from the appraised value at the end of the period in (Note 2) above is stated, and on the lower row, an amount statedin the real estate appraisal report prepared by Daiwa Real Estate Appraisal Co., Ltd. is stated. Real estate includes its superficies right.
(Note 4) Fiscal period end book value is the book value of solar energy as of December 31, 2021.
(Note 5) The acquisition price of CS Mashiki Power Plant had reduced in the amount of 332 million yen on December 16, 2020, back from the signing date of the Property Purchase
Agreement.
(Note 6) Tida Power45 G.K. which was the certified operator for CS Ogawara Power Plant was merged into Tida Power01 G.K. as the surviving company on December 14, 2021.

31

(iii) Operational Results of Each Power Generation Facilities (in JPY thousand)S-01 CS Shibushi-shi Power Plant
5th FP
Accounting Item

S-03 CS Kasama-shi Power Plant
5th FP

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

Accounting Item

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

Rental revenue of renewable energy power plant
Basic rent

19,137

Variable rent linked to actual output(Note)
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

19,03918,536

18,941

6,288

18,632
3,336

7,573

－
21,968－26,6124,326
322,866

7,353－
25,426－
26,295

2,254
2,254

1,917
1,917

1,916
1,916

1,626
1,626

1,626
1,626

－
2,296
2,073

－
2,273
2,014

－
2,114
1,872

－
3,078
2,870

－
－
223

－
－
258

－
－
241

－
－
207

－
3,089
2,155
696

－
－
9,472
457
8,973
41
14,023
11,402

－
－
9,472
457
8,973
41
13,663
8,304

－
－
9,472
457
8,973
41
13,503
13,109

－
－
9,486
466
8,978
41
14,191
8,675

－
237
－
－
9,539
468
9,029
41
14,254
12,040(Note)As a result of the failure of the wheeling charge calculation system of Kyushu Electric Power Co., Inc.,, CSIF determined variable rent linked to actual output for December 2019 based on output measured by themonitoring system. CSIF has received notification of purchased electricity for December 2019 and, therefore, adjusted variable rent linked to actual output on February 10, 2020 to ensure that the variable rent
linked to actual output is based on the purchased electricity stated in the notification of purchased electricity. CSIF judges that the impact of this adjustment on income in the current fiscal period is insignificant.

S-02 CS Isa-shi Power Plant
5th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output(Note)
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

14,171
5,230

14,2403,522

14,0996,502

14,1684,105

14,027
5,006－
19,402－
17,763－
20,602－
18,273－
19,034

1,698
1,698

1,452
1,452

1,456
1,456

1,244
1,244

1,244
1,244

－
2,635
1,655

－
2,617
1,610

－
2,241
1,247

－
2,619
1,610

－
－
182
797

－
－
209
797

－
－
197
797

－
2,726
1,610
144

－
7,837
256
7,563
17
12,170
7,232

－
7,837
256
7,563
17
11,907
5,855

－
7,837
256
7,563
17
11,535
9,066

－
173
797
－
7,837
256
7,563
17
11,808
6,465

－
－
193
797
18
7,837
256
7,563
17
11,701
7,332

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

29,39910,669173
40,24235,147
14,79594
50,03829,24910,74334,968
13,110－39,992－48,07929,09910,580306
39,985

3,792
3,792

3,283
3,283

3,284
3,284

2,848
2,848

2,848
2,848

－
3,255
2,879

－
3,322
2,887

－
3,461
3,051

－
3,594
3,189

－
－
375

－
－
434

－
－
409

－
3,698
2,914
426

－
－
14,462324
14,10433
21,51018,731－－
14,462324
14,10433
21,06828,970－－14,462324
14,10433
21,207
18,784

－
357

－
－
405

－
－
14,462324
14,10433
21,00927,069－－14,483345
14,10433
20,926
19,059S-04 CS Isa-shi Dai-ni Power Plant
5th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output(Note)
Incidental income(Note)
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

29,263
9,522

29,3605,875

29,114
12,142

29,2109,139

28,965
10,513－38,785－35,235－41,257－38,350－39,478

3,768
3,768

3,232
3,232

3,230
3,230

2,769
2,769

2,769
2,769

－
4,695
2,756

－
4,653
2,659

－
5,646
3,677

－
4,815
2,893

－
4,861
2,893

－
－
347
1,590

－
－
402
1,590

－
－
378
1,590

－
－
330
1,590

－
－
376
1,590

－
16,457306
16,10941
24,92013,864－
16,457306
16,10941
24,343
10,892－
16,457306
16,10941
25,334
15,922－
16,457306
16,10941
24,042
14,307－
16,481306
16,133
41
24,111
15,366(Note)As a result of the failure of the wheeling charge calculation system of Kyushu Electric Power Co., Inc.,, CSIF determined variable rent linked to actual output for December 2019 based on output measured by themonitoring system. CSIF has received notification of purchased electricity for December 2019 and, therefore, adjusted variable rent linked to actual output on February 10, 2020 to ensure that the variable rent
linked to actual output is based on the purchased electricity stated in the notification of purchased electricity. CSIF judges that the impact of this adjustment on income in the current fiscal period is insignificant.

(Note)As a result of the failure of the wheeling charge calculation system of Kyushu Electric Power Co., Inc.,, CSIF determined variable rent linked to actual output for December 2019 based on output measured by themonitoring system. CSIF has received notification of purchased electricity for December 2019 and, therefore, adjusted variable rent linked to actual output on February 10, 2020 to ensure that the variable rent
linked to actual output is based on the purchased electricity stated in the notification of purchased electricity. CSIF judges that the impact of this adjustment on income in the current fiscal period is insignificant.

32

33

S-05 CS Yusui-cho Power Plant

S-07 CS Kasama-shi Dai-ni Power Plant
5th FP

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output(Note)
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

5th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

23,476
8,425

26,691
3,444

23,356
10,11426,555
4,925

23,2368,331－
31,901－30,135－33,471－
31,480－31,568

3,274
3,274

2,805
2,805

2,802
2,802

2,396
2,396

2,396
2,396

－
4,438
2,850

－
4,508
2,869

－
4,510
2,893

－
－
324
1,263

－
－
375
1,263

－
－
353
1,263

－
4,828
2,966
289

－
4,822
2,966
242

－
308
1,263

－
350
1,263

－
14,260595
13,429235
21,972
9,928－
14,263598
13,429235
21,577
8,558－
14,263598
13,429235
21,575
11,895－
14,269605
13,429235
21,494
9,986－
14,269605
13,429235
21,487
10,080(Note)As a result of the failure of the wheeling charge calculation system of Kyushu Electric Power Co., Inc.,, CSIF determined variable rent linked to actual output for December 2019 based on output measured by themonitoring system. CSIF has received notification of purchased electricity for December 2019 and, therefore, adjusted variable rent linked to actual output on February 10, 2020 to ensure that the variable rent
linked to actual output is based on the purchased electricity stated in the notification of purchased electricity. CSIF judges that the impact of this adjustment on income in the current fiscal period is insignificant.

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

34,851
11,72835,514
7,953

34,673
15,68335,332
9,647

34,496
13,204－
46,579－43,467－50,357－44,979－47,701

4,494
4,494

3,876
3,876

3,874
3,874

3,323
3,323

3,323
3,323

－
5,459
3,042

－
6,385
3,907

－
5,829
3,377

－
5,583
3,185

－
6,704
4,253

－
－
379
2,036

－
－
441
2,036

－
－
414
2,036

－
－
361
2,036

－
－
414
2,036

－
19,799290
19,45851
29,753
16,826－
19,861
290
19,52051
30,123
13,343－
19,861
290
19,52051
29,564
20,792－
19,861
290
19,52051
28,767
16,211－
19,896290
19,55451
29,924
17,776

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

29,013
9,415

34,72014,50728,865
9,763－
38,429－49,227

4,304
4,304

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021
28,718
10,587－
38,62934,543
14,19480
48,817

3,689
3,689

3,688
3,688

3,161
3,161

3,161
3,161

－
5,606
2,847

－
5,695
2,881

－
5,802
3,012

－
5,621
2,878

－
5,928
3,145

－
－
362
2,396

－
－
417
2,395

－
－
393
2,396

－
－
346
2,396

－
－
387
2,396

－
17,604247
17,31442
27,514
10,914－
17,604247
17,31442
26,98822,238－17,604247
17,31442
27,095
11,534－
17,604247
17,31442
26,38722,429－17,604247
17,31442
26,695
12,610－39,305

S-08 CS Hiji-machi Power Plant
Accounting Item

5th FP

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output(Note)
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

5th FP

S-06 CS Isa-shi Dai-san Power Plant
Accounting Item

Accounting Item

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output(Note)
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

37,482
10,94337,757
10,96437,292
19,14437,564
13,581

37,101
16,053－
48,426－
48,721－
56,436－
51,146－53,155

5,166
5,166

4,427
4,427

4,426
4,426

3,798
3,798

3,798
3,798

－
5,547
3,578

－
5,524
3,391

－
5,894
3,881

－
6,221
4,185

－
6,729
4,719

－
－
456
1,512

－
－
530
1,602

－
－
498
1,514

－
－
433
1,602

－
－
498
1,512

－
22,070835
21,120114
32,783
15,643－22,070835
21,120114
32,021
16,700－22,070835
21,120114
32,39024,045－22,031
835
21,12075
32,051
19,095－
22,119835
21,20578
32,647
20,507(Note)As a result of the failure of the wheeling charge calculation system of Kyushu Electric Power Co., Inc.,, CSIF determined variable rent linked to actual output for December 2019 based on output measured by themonitoring system. CSIF has received notification of purchased electricity for December 2019 and, therefore, adjusted variable rent linked to actual output on February 10, 2020 to ensure that the variable rent
linked to actual output is based on the purchased electricity stated in the notification of purchased electricity. CSIF judges that the impact of this adjustment on income in the current fiscal period is insignificant.

(Note)As a result of the failure of the wheeling charge calculation system of Kyushu Electric Power Co., Inc.,, CSIF determined variable rent linked to actual output for December 2019 based on output measured by themonitoring system. CSIF has received notification of purchased electricity for December 2019 and, therefore, adjusted variable rent linked to actual output on February 10, 2020 to ensure that the variable rent
linked to actual output is based on the purchased electricity stated in the notification of purchased electricity. CSIF judges that the impact of this adjustment on income in the current fiscal period is insignificant.

34

35

S-09 CS Ashikita-machiPower Plant

S-11 CS Minano-machi Power Plant
5th FP

Accounting Item

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output(Note)
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

5th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

37,113
11,37135,571
8,257

36,924
16,26535,39011,66436,736
13,064－48,484－
43,829－53,190－47,054－49,801

4,876
4,876

4,167
4,167

4,164
4,164

3,559
3,559

3,559
3,559

－
5,880
3,758

－
6,154
3,964

－
5,723
3,562

－
6,001
3,900

－
－
440
1,681

－
－
509
1,681

－
－
479
1,681

－
－
419
1,681

－
6,187
3,900
132

－
20,216
1,441
18,523
252
30,973
17,511－
20,216
1,441
18,523
252
30,53913,290－20,216
1,441
18,523
252
30,10423,086－
20,216
1,441
18,523
252
29,777
17,276

－
473
1,681
－
20,216
1,441
18,523
252
29,963
19,837(Note)As a result of the failure of the wheeling charge calculation system of Kyushu Electric Power Co., Inc.,, CSIF determined variable rent linked to actual output for December 2019 based on output measured by themonitoring system. CSIF has received notification of purchased electricity for December 2019 and, therefore, adjusted variable rent linked to actual output on February 10, 2020 to ensure that the variable rent
linked to actual output is based on the purchased electricity stated in the notification of purchased electricity. CSIF judges that the impact of this adjustment on income in the current fiscal period is insignificant.

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

65,521
20,782

63,166
13,84065,18829,48862,844
32,63264,856
18,371－86,303－77,006－
94,677－
95,476－
83,227

8,530
8,530

7,296
7,296

7,296
7,296

6,244
6,244

6,244
6,244

－
10,188
5,317－
10,118
5,127－
10,791
5,840

－
－
611
4,260

－
－
731
4,260

－
－
689
4,260

－
10,5365,515
152－
12,049
5,515
1,580

－
606
4,260

－
693
4,260

－
35,224739
34,235248
53,94332,360－35,224739
34,235248
52,63924,367－35,224739
34,235248
53,311
41,366－35,333751
34,333248
52,11443,361－35,397755
34,392248
53,691
29,535

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

30,6882,722

35,34010,950－33,4108th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

35,16011,83130,3788,454－
46,291

30,5338,305
338,842－
46,993－38,832

4,410
4,410

3,816
3,816

3,816
3,816

3,330
3,330

3,330
3,330

－
3,750
3,313

－
3,700
3,195

－
4,909
4,432

－
4,234
3,814

－
－
436

－
－
504

－
－
476

－
－
420

－
5,468
4,117
875

－
－
16,132766
15,366－－
16,132766
15,366－－
16,198766
15,432－－
16,211766
15,445－－
16,211766
15,445－24,293
9,117－
23,64922,642－
24,924
13,918－23,77623,217－25,01013,821－
475

S-12 CS Kannami-cho Power Plant
Accounting Item

5th FP

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output(Note)
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

5th FP

S-10 CS Minamishimabara-shi Power Plant (East and West)
Accounting Item

Accounting Item

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

18,456
5,304

19,545
7,872

18,363
5,528

19,446
10,093

18,2706,460－
23,760－27,418－23,892－
29,539－24,731

2,398
2,398

2,069
2,069

2,068
2,068

1,785
1,785

1,785
1,785

－
3,976
2,108

－
3,641
1,743

－
3,696
1,809

－
－
213
1,654

－
－
243
1,654

－
5,371
1,832
1,653

－
5,416
1,809
1,700

－
9,662
380
9,226
55
16,036
7,724

－
9,662
380
9,226
55
15,373
12,045

－
231
1,654

－
－
207
1,678

－
9,662
380
9,226
55
17,101
6,790

－
9,662
380
9,226
55
15,144
14,395

－
227
1,678
－
9,662
380
9,226
55
16,864
7,866(Note)As a result of the failure of the wheeling charge calculation system of Kyushu Electric Power Co., Inc.,, CSIF determined variable rent linked to actual output for December 2019 based on output measured by themonitoring system. CSIF has received notification of purchased electricity for December 2019 and, therefore, adjusted variable rent linked to actual output on February 10, 2020 to ensure that the variable rent
linked to actual output is based on the purchased electricity stated in the notification of purchased electricity. CSIF judges that the impact of this adjustment on income in the current fiscal period is insignificant.

36

37

S-13 CS Mashiki-machi Power Plant

S-15 CS Tsuyama-shi Power Plant
5th FP

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output(Note)
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

5th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

688,283
232,965

661,218
167,511684,807309,385

657,875
313,693－921,249－
828,729－994,192－
971,569

681,331250,5119
931,851

96,65096,65083,464
83,464

83,464
83,46470,99370,99370,99370,993－69,02660,428176－
72,071
62,24498－
90,501
81,080226－
80,39670,2191,996－
80,682
71,329
248

－
8,356
65

－
9,662
65

－
9,148
45

－
8,121
58

－
9,051
53

－
344,350
3,531
332,916
7,902
510,027
411,221－344,5123,531
333,078
7,902
500,048
328,680－
337,941
3,551
326,487
7,902
511,906
482,286－
338,234
3,562
326,769
7,902
489,624
481,945－
338,300
3,626
326,770
7,902
489,976
441,875(Note)As a result of the failure of the wheeling charge calculation system of Kyushu Electric Power Co., Inc.,, CSIF determined variable rent linked to actual output for December 2019 based on output measured by themonitoring system. CSIF has received notification of purchased electricity for December 2019 and, therefore, adjusted variable rent linked to actual output on February 10, 2020 to ensure that the variable rent
linked to actual output is based on the purchased electricity stated in the notification of purchased electricity. CSIF judges that the impact of this adjustment on income in the current fiscal period is insignificant.

38

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019
7,580
3,317
2
10,901

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020
8,044
4,396

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021
8,003
4,148

Fr. Jul. 1, 2021
To Dec. 31, 2021－
12,441

7,542
2,880
2
10,426－
12,152

7,504
3,481
2
10,988

1,296
1,296

1,171
1,171

1,168
1,168

1,007
1,007

1,007
1,007

－
1,590
876
600

－
965
837

－
952
829

－
940
829

－
945
829

－
113

－
－
128

－
－
122

－
－
110

－
－
115

－
－
4,191
327
3,864

－
－
4,191
327
3,864

－
－
4,191
327
3,864

－
－
4,191
327
3,864

－
－
4,191
327
3,864

－
7,077
3,823

－
6,328
6,113

－
6,311
4,114

－
6,138
6,013

－
6,143
4,844

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

22,141
12,48524,321
12,54821,796
10,92924,05312,364

21,685
8,308－
34,627－36,869－32,725－36,417－29,994

3,898
3,898

3,469
3,469

3,468
3,468

3,020
3,020

3,020
3,020

－
2,982
2,704

－
3,482
3,206

－
－
278

－
－
275

－
4,820
3,078
1,746

－
3,706
2,820
650

－
3,338
2,820
253

－
－
12,914376
12,232
304
19,86617,003

－
233
3

－
264

－
－
12,949376
12,267304
19,82914,797－261
3－
13,061376
12,380304
21,35011,375－
13,084376
12,403304
19,811
16,606－－13,144376
12,462304
19,502
10,492

S-16 CS Ena-shi Power Plant
Accounting Item

5th FP

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

5th FP

S-14 CS Koriyama-shi Power Plant
Accounting Item

Accounting Item

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

25,611
12,20326,266
14,224－37,8158th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

26,133
12,67825,353
11,281－40,49025,482
13,562
4
39,050－38,812－
36,635

4,344
4,344

3,776
3,776

3,776
3,776

3,216
3,216

3,216
3,216

－
4,007
2,801

－
4,288
2,772

－
4,552
3,051

－
4,666
2,912

－
－
273
933

－
－
314
1,202

－
－
298
1,202

－
4,233
2,912
122

－
14,510589
13,823
97
22,862
14,953－
14,510589
13,823
97
22,576
17,914－
14,510589
13,823
97
22,83916,211

－
265
933

－
－
300
1,454

－
14,510589
13,823
97
21,96016,851－
14,510589
13,823
97
22,393
14,24139

S-17 CS Daisen-cho Power Plant (A and B)

S-19 CS Misato-machi Power Plant
5th FP

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

5th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

385,926
121,853

326,253
268,083

383,529
132,857

324,605
261,534

381,584
139,595－
507,780－
594,336－
516,387－
586,140－
521,180

59,954
59,954

51,761
51,761

51,76051,76044,70144,70144,70144,701－53,88536,009－54,60436,036－
61,71043,616－61,08543,044－－
5,019
12,856－－
5,812
12,755－－5,500
12,593－55,972
37,972567－
214,565
4,902
208,879
782
328,404
179,375－
214,567
4,905
208,879
782
320,933
273,403－214,567
4,905
208,879782
328,038
188,349－
4,876
12,555－－
5,486
12,554－
214,567
4,905
208,879782
315,241
270,898－
214,568
4,905
208,880782
320,354
200,825

S-18 CS Takayama-shi Power Plant

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

40

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

13,005
5,628

15,3007,717

12,9396,517－
18,634－23,017

－
－
－
2,230
1,315
645

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021
12,873
6,079－
19,457

15,2237,134
522,363

2,646
2,646

2,644
2,644

2,310
2,310

2,310
2,310

－
1,506
1,315

－
1,743
1,562

－
1,680
1,499

－
269

－
－
190

－
－
181

－
3,173
1,439
1,572

－
－
7,594
176
7,345
72
9,824
8,809

－
－
7,594
176
7,345
72
11,747
11,270

－
－
7,594
176
7,345
72
11,982
7,474－
18,953

－
161

－
－
180

－
－
7,595
176
7,345
73
13,079
9,283

－
－
7,600
176
7,345
77
11,591
7,362

S-20 CS Marumori-machi Power Plant
5th FP

Accounting Item

Accounting Item

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

5th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

9,720
4,625

11,019
4,989

9,671
3,829

10,963
5,009

9,622
3,173

－
14,346－
16,009－13,501－
15,973－
12,796

2,006
2,006

1,762
1,762

1,762
1,762

1,545
1,545

1,545
1,545

－
1,393
1,269

－
1,399
1,256

－
1,391
1,256

－
－
123

－
－
142

－
－
135

－
2,886
1,285
1,480

－
1,554
1,285
132

－
120

－
136

－
－
5,496
344
5,139
12
8,895
5,450

－
－
5,496
344
5,139
12
8,657
7,351

－
－
5,496
344
5,139
12
8,649
4,851

－
－
5,496
344
5,139
12
9,928
6,044

－
－
5,496
344
5,139
12
8,595
4,201

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

28,3306,694

32,391
15,151

28,1889,260

32,22815,83328,045
10,675－35,025－47,542－37,448－48,061－
38,721

－
－
－
8,421
2,666
346

5,430
5,430

5,430
5,430

4,696
4,696

4,696
4,696

－
8,059
2,797

－
13,151
2,666
5,227

－
8,215
2,865
118

－
9,100
2,865
1,040

－
513
4,744

－
487
4,744

－
464
4,729

－
17,051503
16,313234
35,633
1,815－
17,059503
16,320234
29,971
18,090－17,059503
16,320234
30,855
7,865

－
782
4,625

－
－
526
4,735

－
17,036503
16,297234
25,457
9,567－
17,036503
16,297234
30,526
17,01641

S-21 CS Izu-shi Power Plant

S-23 CS Osaki-shi Kejonuma Power Plant
5th FP

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

5th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

17,8328,750

155,81384,936

141,970
69,450155,030
95,230141,256
81,935－
26,582－
240,749－
211,420－
250,260－
223,191

－
－
－
3,786
2,270

28,252
28,252

28,252
28,252

24,32924,32924,32924,329－21,398
12,770－27,011
12,770－25,81713,018

－
－
－
1,516

－
－
－
8,628

－
－
3,525
10,716－27,016
13,018
1,342－
15,742732
14,755254
19,528
7,053－
87,776
4,082
82,271
1,421
137,427
103,322－87,776
4,082
82,271
1,421
143,039
68,380－
1,483
11,173－－
1,606
11,192－87,776
4,082
82,271
1,421
139,122
111,138－
87,776
4,082
82,271
1,421
137,922
85,268

S-22 CS Ishikari Shinshinotsu-mura Power Plant
5th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

42

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

11,9163,884

21,501
5,871

20,656
18,948－15,800－27,373－39,605

－
－
－
2,639
2,074

3,102
3,102

1,741
1,741

－
13,562
4,211
8,426

－
14,206
3,111
10,127

－
324

－
－
165
－
400

－
600

－
366
0
600

－
6,533

－
12,493－
12,665

－
－
－
186
6,326
20
9,173
6,627

－
－
－
361
12,091
40
29,158(1,784)－－－274
12,35040
28,614
10,990Accounting Item

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

－
－
－
－

－
－
－
－

3,741
1,510

6,756
3,764

－
5,251

－
10,520

6,288
2,600
18
8,907

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
1,054
793

745
745

745
745

－
2,602
2,182

－
1,804
1,372

－
－
61

－
－
120

－
－
131

－
200

－
300

－
300

－
1,858

－
3,600

－
3,600

－
－
－
155
1,691
12
2,913
2,337

－
－
－
300
3,276
23
6,948
3,571

－
－
－
300
3,276
23
6,150
2,756

S-24 CS Hiji-machi Dai-ni Power Plant
5th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

－
－
－
－

－
－
－
－

－
－
－
－

626,679
140,790－
767,470

827,769
274,26860
1,102,098

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
54,99843,276－－－
96,77960,195

－
3,505
－
5,791
2,400
24
301,767－
5,589
18,645
8,700
3,600
49
475,055－－－
72,436228,681649
356,765
410,704－－－
114,009
360,024
1,021
571,835
530,26243

4. Capital Expenditures for Assets under Management

S-25 CS Ogawara-machi Power Plant
5th FP
Accounting Item

6th FP

Fr. Jul. 1, 2019
To Dec. 31, 2019

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

7th FP

Fr. Jan. 1, 2020
To Jun. 30, 2020

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

Fr. Jan. 1, 2021
To Jun. 30, 2021

－
－
－
－

－
－
－
－

－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

(1) Scheduled Capital Expenditures

9th FP

The following table shows capital expenditures for renewable energy power generation facilities, etc. owned by CSIF during the following
fiscal periods. The amount includes the portion which is to be treated as the expense during the period.

Fr. Jul. 1, 2021
To Dec. 31, 2021

76,70038,31385,86733,454－
115,013－
119,321

－
－
－
8,682
7,164

－
－
－
18,32010,308

－
－
－
117
1,400

－
－
1,626
4,285
2,100

－
34,482－
54,273－－－
4,186
29,766529
43,16571,848－－－6,589
46,850833
72,593
46,728b.Details of Investment in Operating Rights for Public Facilities
Not applicable.
c.Details of Investment in Real Estate
The real estate that CSIF holds are to be provided for the use of renewable energy power generation facilities and described in “(3) Detailsof Assets / a. Details of Power Generation Facilities / (i) Summary” above.
d.Details of Investment in Securities
Not applicable.

Projected amount(million yen)

Name ofinfrastructure
assets, etc.

Location

CS Hiji-machi Dai-niPower Plant

Hayami-gun,
Oita

PurposeRemodeling work foronline curtailment

Total amountAmount paidby prior FP

Amount paidby prior FP

32

11

11

From June 2021
To March 2022

(2) Capital Expenditures during the Period
The following table shows capital expenditures for renewable energy power generation facilities, etc. owned by CSIF during the fiscal
period under review.
Name of infrastructure assets, etc.
(Location)

Amount paid
(thousand yen)

Purpose

Implementation period

CS Isa-shi Power Plant(Isa-shi, Kagoshima)

Handling work for updated
monitoring system for curtailment

From August 17, 2021
To December 27, 2021

3,732

CS Isa-shi Dai-ni Power Plant(Isa-shi, Kagoshima)

Handling work for updated
monitoring system for curtailment

From June 1, 2021
To September 30, 2021

3,276

CS Yusui-cho Power Plant(Aira-gun, Kagoshima)
CS Isa-shi Dai-san Power Plant(Isa-shi, Kagoshima)

Handling work for updated
monitoring system for curtailment

From August 17, 2021
To December 27, 2021

3,853

Handling work for updated
monitoring system for curtailment

From July 1, 2021
To September 30, 2021

4,734

CS Hiji-machi Power Plant(Hayami-gun, Oita)
CS Ashikita-machi Power Plant(Ashikita-gun, Kumamoto)
CS Ishikari Shinshinotsu-muraPower Plant(Ishikari-gun, Hokkaido)
CS Ishikari Shinshinotsu-muraPower Plant(Ishikari-gun, Hokkaido)

Remodeling work for online
curtailment
Handling work for updated
monitoring system for curtailment

From June 14, 2021
To September 15, 2021
From August 17, 2021
To December 27, 2021

5,800
3,982

Re-installment work of fences

From July 13, 2021
To October 7, 2021

18,930Re-installment work of panels

From June 25, 2021
To July 9, 2021

10,945

Other power plants(4) Other Assets

Category

Type

Transaction Outside ofMarketInterest Rate Swap
Total

Contracted Amount (thousand yen)
(Note 1)

Over 1 year
(Note 1)

1,047
Total

Assets related to the power plants are described in “(3) Details of Assets / a. Details of Power Generation Facilities / (iii) Operational
Results of Each Power Generation Facilities (in JPY thousand)” and other assets as of December 31, 2021 are as follows.

Not applicable.

Fair Value(Note 2)35,037,039

32,788,321-

5. Summary of Expenses and Debts

35,037,039

32,788,321-(1) Summary of Expenses(5) Location of Assets by Country
There is no asset in the countries outside Japan as of December 31, 2021.

56,299(3) Cash Reserved for Long-term Maintenance Plan(in thousand yen)

(Note 1) The contracted amount is based on notional amount.
(Note 2) As the transaction is booked based on special treatment under the financial instrument accounting standard, the fair value is omitted.

8th FP
Fiscal Period
Asset Management Fee
Administrative Service Fee
Directors’ Compensation
Other Operating Expenses
Total

44

Projected period

From January 1, 2021
To June 30, 2021
88,08623,4372,400
70,738
184,662

9th FP
From July 1, 2021
To December 31, 2021
111,737
27,8502,400
66,905
208,89345

(3) Investment Corporation Bond

(2) Summary of Debts
Category
Borrowing Date
Lender

Beginning
Balance(million yen)Ending Balance(million yen)

Average
Interest Rate (%)

Repayment Date

(Note 1)

Repayment
MethodUse

AbstractLong-term
Shinsei Bank, Ltd.
Mizuho Bank, Ltd.

1,952
1,220

1,888
1,180

Sumitomo Mitsui Banking
Corporation

1,220

1,180

813

786

1,464

1,416

MUFG Bank, Ltd.
Resona Bank, Ltd.
Orix Bank Corporation

813

786

1,464

1,416

Nanto Bank, Ltd.

1,464

1,416

The Oita Bank, Ltd.

732

708

The Shonai Bank, Ltd.

732

708

San ju San Bank,Ltd.

162

157

The Tochigi Bank, Ltd.

732

708

Shinsei Bank, Ltd.
Sumitomo Mitsui Banking
Corporation

1,470

1,424

1,470

1,424

1,698

1,645

849

822

870

843

The Hiroshima Bank, Ltd.

MUFG Bank, Ltd.
Nanto Bank, Ltd.

October 31, 2017

September 6,
2018

The Ashikaga Bank, Ltd.
The Hiroshima Bank, Ltd.

435

421

Shinsei Bank, Ltd.

1,348

1,306

Sumitomo Mitsui Banking
Corporation

1,348

1,306

Mizuho Bank, Ltd.

1,316

1,275

MUFG Bank, Ltd.

1,316

1,275

Sumitomo Mitsui Trust
Bank, Limited

1,316

1,275

Asahi Shinkin Bank

2,051

1,988

The Tottori Bank,Ltd.

1,367

1,325

1,316

1,275

1,025

994

683

662

The Chugoku Bank,Ltd.
The 77 Bank,Ltd.

March 8, 2021

The Oita Bank,Ltd.
The Nanto Bank,Ltd.

683

662

The Senshu Ikeda Bank,
Ltd.

683

662

The Bank of Saga,Ltd.

683

662

The Bank of Nagoya,Ltd.

683

662

The Fukuho Bank,Ltd.

488

473

The Bank of Fukuoka,Ltd.

293

284

Shinsei Bank, Ltd.

850

-

850

-

Sumitomo Mitsui Banking
Corporation
Mizuho Bank, Ltd.
Total

March 8, 2021

600-

38,47635,0370.84500(Note 2)October 31, 2027

Partialamortization(Note 4)

Unsecured andno guarantee

Name of Investment
Corporation Bond

Issue date

Beginningbalance

Canadian Solar
Infrastructure Investment
Corporation / The 1st
Unsecured Bond

November 6,
2019

1,100

Canadian Solar
Infrastructure Investment
Corporation / The 1st
Unsecured Bond (Green
bond)

January 26,
2021

Total

EndingBalance

Interest
rate (%)

Redemption
date

Redemption
methodPurpose

Abstract

1,100

0.71

November 6,
2024

Bullet(Note)

Unsecuredand noguarantee

3,800

3,800

0.80

January 26,
2026

Bullet(Note)

Unsecuredand noguarantee

4,900

4,900

(million yen)(million yen)

(Note) The purpose is repayment of the debt whose maturity is approaching, payment of future acquisition cost of specified assets, payment of repair cost and capital
expenditure, and working capital.

(4) Short-term Investment Corporation Bond
Not applicable.
1.04200(Note 2)September 6, 2028

Partialamortization(Note 4)

Unsecured andno guarantee(5) Unit Acquisition Right
Not applicable.

6. Sales and Purchases during the Period(1) Summary for Sales and Purchases of Infrastructure Assets, Infrastructure-related Assets, Real Estate andAsset-backed Securities
Not applicable.

(2) Summary for Sales and Purchases of Other Assets
Not applicable.
0.81990(Note 3)

March 8, 2031

0.28545

Earlier of (i) March
8, 2023 or (ii) the
first interest
payment date after
the consumption
tax refund date.

Partialamortization

Bullet(Note 5)(Note 4)(Note 4)

Unsecured andno guarantee(3) Valuation of Specified Assets
Not applicable.

Unsecured andno guarantee(Note 1) Average interest rate are based on actual number of days and weighted average. The number are rounded down.
(Note 2) For the debts with interest rate swap for hedging interest rate risk, the average interest rate incorporates the effect of such interest rate swap.
(Note 3) As from March 29, 2021, for the debts with interest rate swap for hedging interest rate risk, the average interest rate incorporates the effect of such interest rate swap.
(Note 4) The uses of the debt proceeds are the purchase of power plants.
(Note 5) Using receipts of the consumption tax refund, it is repaid on September 30, 2021, fully.

46

47

(4) Transactions with Interested Parties

7. Summary of Accounts

a.Sales and Purchases
Not applicable(1) Summary of Assets, Liabilities, Capital and Income/Lossb.Lease(2) Change in Calculation Method of Depreciation

Please see the balance sheet, statement of income, statement of changes in unitholders’ equity, note and statement of cash distribution.

Name

Lease Income Amount(in JPY thousand) (Note)

Tida Power 01 Godo Kaisha

2,380,145

LOHAS ECE 2 Godo Kaisha

1,102,037

Tida Power 45 Godo Kaisha

104,783(4) Company Setting Investment Trust Beneficial Securities

c.Commission Paid
The summary of consignment of O&M services to stakeholders of the owing assets in the 9th fiscal period are as following.
Name

Commission amount (in JPY thousand) (Note)

CS Shibushi-shi Power Plant

2,124

CS Isa-shi Power Plant

1,579

CS Kasama-shi Power Plant

3,189

CS Isa-shi Dai-ni Power Plant

2,862

CS Yusui-cho Power Plant

2,935

CS Isa-shi Dai-san Power Plant

4,221

CS Kasama-shi Dai-ni Power Plant

3,145

CS Hiji-machi Power Plant

4,687

CS Ashikita-machi Power Plant
CS Minamishimabara-shi Power Plant (East) / CS
Minamishimabara-shi Power Plant (West)
CS Minano-machi Power Plant

3,869

Canadian Solar CS Kannami-cho Power Plant
O&M Japan CS Mashiki-machi Power Plant
K.K.
CS Koriyama-shi Power Plant
CS Tsuyama-shi Power Plant(3) Change in Valuation Method of Infrastructure Assets and Real Estate
Not applicable.

(Note) The lease income amount presents the total of the base lease income amount and the performance liked lease income amount in the 9th fiscal period. Of the acquired
assets during the 8th fiscal period, the lessee of CS Ogawara Power Plant was Tida Power 45 Godokaisha as of the lease commencement date, however, since there
was a merger where Tida Power 01 Godokaisha was the surviving company, the lease income amount of Tida Power 01 Godokaisha includes the lease income
amount of Tida Power 45 Godokaisha in the month including the date of the merger.

Purchase or
Sales

Not applicable.

Not applicable.

8. Other(1) Notificationa.Unitholders’ Meeting
Any unitholders' meetings of CSIF were not held in the 9th period.
b.Board of Executives Meeting
Not applicable.

(2) Treatment of Amount and Ratio with Fractional Point
Unless otherwise described, the amounts are rounded down and the ratio are rounded up or down.

5,515
4,117
1,809
71,329829
2,820

CS Ena-shi Power Plant

2,912

CS Daisen-cho Power Plant (A) and (B)43,044

CS Takayama-shi Power Plant

1,285

CS Misato-machi Power Plant

1,499

CS Marumori-machi Power Plant

2,865

CS Izu-shi Power Plant

13,018CS Ishikari Shinshinotsu-mura Power Plant

3,111

CS Osaki-shi Kejonuma Power Plant

1,372

CS Hiji-machi Dai-ni Power Plant

60,195

CS Ogawara-machi Power Plant

10,308(Note) The commission amount presents the commission amount for each owing asset in the 9th period.

(5) Asset Manager’s Transaction Related to Asset Manager’s Other Business
Asset Manager doesn’t conduct any of the type1 and type2 financial instrument exchange business, real estate transaction business andspecified joint real estate ventures. There was no applicable transaction during the period.

48

49

(Unit: thousand yen)

8th Period(June 30, 2021)

8th Period(June 30, 2021)

AssetsCash and bank deposit

4,611,954

5,101,023

Operating accounts receivable

1,006,913

757,343

Account receivable

75,459-Prepaid expenses

135,464

223,5422,511,791-

Other current assets

10,20059,130Total current assets

8,351,783

6,141,040

Fixed Assets
Property and equipment
Structures
Accumulated depreciation
Structures, net

1,048,112

1,048,112(128,066)(149,698)

920,046

898,414

Accumulated depreciation

42,436,866(5,589,346)

42,462,893(6,462,147)

Machinery and equipment ,net

36,847,519

36,000,745

Accumulated depreciation

590,890(78,859)

590,890(90,792)

Tools, furniture and fixtures, net

512,031500,097

4,505,944

4,505,944

Machinery and equipment

Tools, furniture and fixtures

Land
Construction in progress
Structures in trust
Accumulated depreciation
Structures in trust, nett
Machinery and equipment in trust
Accumulated depreciation

6,380

-

6,559,095

6,567,393(77,626)(198,477)

6,481,469
20,260,404

6,368,915
20,271,746(281,261)(703,763)

19,979,143

19,567,983

93,54093,540

Accumulated depreciationt(1,276)(3,195)Tools, furniture and fixtures in trust, netLand

92,264

90,345

Machinery and equipment in trust ,net
Tools, furniture and fixtures in trust

Land in trust

4,771,145

4,769,905

Total property and equipment

74,115,945

72,702,352

1,156,098

1,156,098

Intangible assets
Leasehold rights
SoftwareTotal intangible assets

9th Period(December 31, 2021)

Liabilities

Current Assets

Consumption taxes receivable(Unit: thousand yen)

9th Period(December 31, 2021)

1,173

780

1,157,272

1,156,878

Current liabilities
Accounts payable – operating
Current portion of long-term loans payable

79,83747,2482,270,023

2,248,718

Accounts payable – other298,657

157,466

Accrued expenses

112,830

101,743860

944

Consumption tax payable

23,959304,665

Deposits received

15,0901,010

2,801,259

2,861,797

Investment corporation bond

4,900,000

4,900,000

Long-term loan payable

36,206,482

32,788,321

Total non-current liabilities

41,106,482

37,688,321

43,907,741

40,550,118

40,631,004

40,631,004

Income taxes payable

Total current liabilities
Non-current liabilities

Total liabilities
Net assets
Unitholders' equity
Unit holders’ capital
Deduction from unitholders’ capital(1,313,100)(1,670,370)

Unitholders’ capital (net value)

39,317,904

38,960,634

Unappropriated retained earnings (Accumulated deficit)

1,073,432

1,122,287

Total surplus

1,073,432

1,122,287

40,391,337

40,082,921

Surplus

Total unitholders' equity
Total net assets
Total liabilities and net assets※1

40,391,337
84,299,078※1

40,082,921
80,633,040

Investments and other assets
Long-term prepaid expenses

597,402558,869

Investment in capital

10

10Deferred tax assets

12

16

Long-term deposit

15,60015,600

Guarantee deposits

37,79037,790Total investment and other assets

650,815612,285

75,924,033

74,471,517

Investment corporation bond issuance cost

23,261

20,481

Total deferred assets

23,261

20,481

84,299,078

80,633,040

Total fixed assets
Deferred Assets

Total Assets

50

51

(Unit: thousand yen)

8th period(from January 1, 2021
to June 30, 2021)

8th Fiscal Period (From January 1, 2021 to June 30, 2021)

9th period(from July 1, 2021
to December 31, 2021)

Unitholders’ equity
Unitholders’ capital

Operating revenues
Rental revenues of renewable energy power generation facilities, etc.

※1

Total operating revenues

3,425,186※1

3,425,186

Asset management fee※1

1,781,479

3,587,363

88,086※1

Unitholders’capital3,587,363

Operating expenses
Rental expenses of renewable energy power generation facilities, etc.

(Unit: thousand yen)

2,033,809
111,737

Balance as of January
1, 2021

Deduction fromunitholders’capitalSurplus
Unitholders’capital(net)

Capital surplus
or loss

Total surplus

Totalunitholders’equityTotal net assets

22,050,175(1,174,155)

20,876,019

716,565

716,565

21,592,585

21,592,585

18,580,829－

18,580,829－－

18,580,829

18,580,829－(138,945)(138,945)－－(138,945)(138,945)(716,457)(716,457)(716,457)

Changes of items
during the period
Issuance of new
investment units

Administrative service fees

23,437

27,850Distribution in excessof earnings

Director’s compensation

2,400

2,400

Dividend of surplus

－

－

－

(716,457)

Net Income

－

－

－

1,073,324

1,073,324

1,073,324

1,073,324

Taxes and duties

2,204

163

Other operating expenses

68,534

66,741

Total changes of items
during the period

18,580,829(138,945)

18,441,884

356,866

356,866

18,798,751

18,798,751

Total operating expenses

1,966,142

2,242,703*1 40,631,004(1,313,100)

39,317,904

1,073,432

1,073,432

40,391,337

40,391,337

1,459,043

1,344,659

Balance as of June 30,
2021

35

26

Operating income or loss
Non-operating incomesInterest income
Dividends

0ーInsurance income

79,272

8,194

Interest on refund

33

327

Other non-operating income

11,615411

Total non-operating income

90,957

8,960

Non-operating expenses
Interest expenses

147,299

160,345

Interest on investment corporation bond

16,782

19,262

Amortization of investment corporation bond issuance cost

2,514

2,779

Borrowing-related expenses

212,847

37,766

Investment unit issuance costs

72,734ーLoss on retirement of non-current assets

23,63010,309Total non-operating expenses

475,809230,463

Ordinary income

1,074,191

1,123,156

Income before income taxes

1,074,191

1,123,156

866

948

Income taxes - current
Income tax - deferred

0(3)

Total income taxes

867

944

1,073,324

1,122,211

Net income
Retained earnings (deficit) brought forward
Unappropriated retained earnings (Accumulated deficit)

52

108

75

1,073,432

1,122,287

9th Fiscal Period (From July 1, 2021 to December 31, 2021)(Unit: thousand yen)

Unitholders’ equity
Unitholders’ capital
Unitholders’capitalBalance as of July 1,
2021

Deduction fromunitholders’capitalSurplus
Unitholders’capital(net)

Capital surplus
or loss

Total surplus

Totalunitholders’equityTotal net assets

40,631,004(1,313,100)

39,317,904

1,073,432

1,073,432

40,391,337

40,391,337

Distribution inexcess of earnings－(357,270)(357,270)－－(357,270)(357,270)

Dividend of surplus

－

－

－

(1,073,357)(1,073,357)(1,073,357)(1,073,357)

－

－

－

1,122,211

1,122,211

1,122,211

1,122,211－(357,270)(357,270)

48,854

48,854(308,415)(308,415)*1 40,631,004(1,670,370)

38,960,634

1,122,287

1,122,287

40,082,921

40,082,921

Changes of items
during the period

Net Income
Total changes of
items during theperiodBalance as ofDecember 31, 2021

53

Summary of Significant Accounting Policies(from January 1, 2021 to June 30, 2021)

Summary of Significant Accounting Policies(from July 1, 2021 to December 31, 2021)

1.Method of depreciation and amortization of
non-current assets(1) Property and equipment
The straight-line method is adopted. In addition, the useful lives of major property andequipment are as shown below:
Structures…………………………………… 22 - 25 years
Machinery and equipment………………… 22 - 25 years
Tools, furniture and fixtures………………… 22 - 25 years
Structures in trust…
24 - 30 years
Machinery and equipment in trust……
24 - 25 years
Tools, furniture and fixtures in
24 - 25 years
trust…………………
(2) Intangible assets
The straight-line method is adopted. In addition, the useful life is as shown below:
Software…………………………………… 5 years(3) Long-term prepaid expenses
The straight-line method is adopted.

1.Method of depreciation and amortization of
non-current assets(1) Property and equipment
The straight-line method is adopted. In addition, the useful lives of major property andequipment are as shown below:
Structures…………………………………… 22 - 25 years
Machinery and equipment………………… 22 - 25 years
Tools, furniture and fixtures………………… 22 - 25 years
Structures in trust…
24 - 30 years
Machinery and equipment in trust……
24 - 25 years
Tools, furniture and fixtures in
24 - 25 years
trust…………………
(2) Intangible assets
The straight-line method is adopted. In addition, the useful life is as shown below:
Software…………………………………… 5 years(3) Long-term prepaid expenses
The straight-line method is adopted.

2.Method of deferred assets amortization(1) Investment corporation bond issuance cost
The straight-line method over the period until the redemption date is adopted.
(2) Investment units issuance expenses
Expensed as incurred.

2.Method of deferred assets amortization

Investment corporation bond issuance cost
The straight-line method over the period until the redemption date is adopted.

3.Standards for revenue and expense
recognition

Accounting for fixed assets tax
With respect to fixed assets tax, city planning tax and depreciable assets tax, among other taxes,on the infrastructure assets held, of the tax amount assessed and determined, the amountcorresponding to the calculation period is accounted as rental expenses. In addition,
reimbursement such as fixed assets tax, which is paid to the seller and other persons on theacquisition of infrastructure assets and other assets (“the amount equivalent to the fixed assets
taxes and other taxes”) is not recognized as rental expenses but included in the acquisition cost of
the concerned infrastructure assets and other assets.

4.Method of hedge accounting(1) Method of hedge accounting
Special treatment is adopted for the interest rate swap that meets the requirements for
special treatment.
(2) Hedging instruments and hedged items:･Hedging instruments…Interest rate swap transaction･Hedged items….Interest rate on loans(3) Policy for hedging
CSIF conducts derivative transactions to hedge risks as set forth in the CSIF’s Articles ofIncorporation according to the rules for risk management.
(4) Method of evaluation of effectiveness of hedging
The interest rate swap meets the requirements for special treatment, and thus the evaluationof effectiveness is omitted.

5.Other significant matters serving as thebasis for preparation of financial statements(1) Accounting treatment with regard to trust beneficiary interest in real estateWith regards to trust beneficial interest in equipment of renewable energy power plants, allassets and liabilities within entrusted assets as well as all revenue and expense items which
occur to entrusted assets are recorded as the respective account titles on the balance sheet
and statements of income. The following important account titles among the entrusted assets
which are recorded as the respective account titles are separately indicated on the balance
sheet:
Structures in trust, Machinery and equipment in trust,Tools, furniture and fixtures in trust, Landin trust.

3.Standards for revenue and expense
recognition

4.Method of hedge accounting

5.Other significant matters serving as thebasis for preparation of financial statements

Accounting for fixed assets tax
With respect to fixed assets tax, city planning tax and depreciable assets tax, among other taxes,on the infrastructure assets held, of the tax amount assessed and determined, the amountcorresponding to the calculation period is accounted as rental expenses. In addition,
reimbursement such as fixed assets tax, which is paid to the seller and other persons on theacquisition of infrastructure assets and other assets (“the amount equivalent to the fixed assets
taxes and other taxes”) is not recognized as rental expenses but included in the acquisition cost of
the concerned infrastructure assets and other assets. In the fiscal period under review, the amountequivalent to the fixed assets tax and other taxes included in the acquisition cost of infrastructure
assets and other assets is 140,493 thousand yen.
(1) Method of hedge accounting
Special treatment is adopted for the interest rate swap that meets the requirements for
special treatment.
(2) Hedging instruments and hedged items:･Hedging instruments…Interest rate swap transaction･Hedged items….Interest rate on loans(3) Policy for hedging
CSIF conducts derivative transactions to hedge risks as set forth in the CSIF’s Articles ofIncorporation according to the rules for risk management.
(4) Method of evaluation of effectiveness of hedging
The interest rate swap meets the requirements for special treatment, and thus the evaluationof effectiveness is omitted.
(1) Accounting treatment with regard to trust beneficiary interest in real estateWith regards to trust beneficial interest in equipment of renewable energy power plants, allassets and liabilities within entrusted assets as well as all revenue and expense items which
occur to entrusted assets are recorded as the respective account titles on the balance sheet
and statements of income. The following important account titles among the entrusted assets
which are recorded as the respective account titles are separately indicated on the balance
sheet:
Structures in trust, Machinery and equipment in trust,Tools, furniture and fixtures in trust, Landin trust.

(2) Accounting for Consumption tax
Consumption tax and local consumption tax are excluded from the corresponding transaction
amount.

(2) Accounting for Consumption tax
Consumption tax and local consumption tax are excluded from the corresponding transaction
amount.

54

55

Notes on Changes in Accounting Policies
From January 1,2021
to June 30, 2021

From July 1, 2021
December 31, 2021
(1) Application of Accounting Standard for Revenue Recognition, etc.
CSIF has applied the “Accounting Standard for Revenue
Recognition” (ASBJ Statement No. 29, March 31, 2020) andrelevant ASBJ regulations effective from the beginning of the fiscal
period under review, and it has recognized revenue at the time thecontrol of promised goods or services is transferred to thecustomer at the amount expected to be received upon exchangeof said goods or services. This change has no impact on thefinancial statements of the fiscal period under review.
(2) Application of Accounting Standard for Fair Value Measurement,
etc.
CSIF has applied the “Accounting Standard for Fair Value
Measurement” (ASBJ Statement No. 30, July 4, 2019) andrelevant ASBJ regulations from the beginning of the fiscal period
under review, and it has applied the new accounting policy
provided for by the Accounting Standard for Fair Value
Measurement, etc. prospectively in accordance with thetransitional measures provided for in paragraph 19 of the
Accounting Standard for Fair Value Measurement, and paragraph44-2 of the “Accounting Standard for Financial Instruments” (ASBJ
Statement No. 10, July 4, 2019). This change has no impact on thefinancial statements of the fiscal period under review.

－Notes to Balance Sheet*1 Minimum net assets stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations
As of June 30, 2021

As of December 31, 2021
50,00056(Unit: thousand yen)

50,000Notes to Statement of Income*1 Breakdown of profits and losses from the rental business of renewable energy power generation facilities, etc.
From January 1, 2021
to June 30, 2021

(Unit: thousand yen)

From July 1, 2021
to December 31, 2021

A. Operating revenue from the rental business of renewable energy
power generation facilities, etc.
Rental revenue of renewable energy power generation facilities,
etc.
(Basic rent)

2,369,477

2,614,668(Variable rent linked to actual output)

1,055,618

972,29789

396

3,425,186

3,587,363(Management entrustment expenses)

228,743

254,872(Repair and maintenance costs)

17,28917,027(Taxes and duties)

195,754

194,394(Incidental income)
Total operating revenue from the rental business of renewableenergy power generation facilities, etc.
B. Operating expenses from the rental business of renewable energy
power generation facilities, etc.
Rental expenses of renewable energy power generation
facilities, etc.

(Utilities expenses)

3,505

5,589

(Insurance expenses)

20,478

43,110(Depreciation expenses)

1,258,296

1,451,961(Land rent)

52,68660,187(Trust fees)

4,700

6,600

24

67

Total operating expenses from the rental business ofrenewable energy power generation facilities, etc.

1,781,479

2,033,809

C. Profits and losses from the rental business of renewable energy
power generation facilities, etc. (A-B)

1,643,706

1,553,553(Other rental expenses)

57

Notes to Statements of Changes in Unitholders’ Equity*1 Total number of authorized investment units and the total number of investment units issued and outstanding
From January 1, 2021
To June 30, 2021

2. Matters relating to fair values of financial instruments
The table below shows the book value and fair values of financial instruments as of June 30, 2021 and the difference between them.
Financial instruments whose fair values are extremely difficult to estimate are not included in the table.

From July 1, 2021
To December 31, 2021

(Unit: thousand yen)

Total number of authorized investment units

10,000,000 unit

10,000,000 unit

Total number of investment units issued andoutstanding

386,656 unit

386,656 unit

(Unit: thousand yen)

Fiscal period ended

Fiscal period ended

June 30, 2021

December 31, 2021

Accrued business tax not deductible from taxable income

1216

Total deferred tax assets

12

16

Net amount of deferred tax assets

12

16

2.Breakdown of each major item that causes a significant difference between the effective statutory tax rate and the rate of the burden of
corporate tax and other taxes after the application of tax effect accounting(Unit: thousand yen)

Fiscal period ended

Fiscal period ended

June 30, 2021

December 31, 2021
31.46 %

31.46%(Adjustment)
Dividends paid deductible for tax purpose

Fair value(31.44)%(31.43)%

Others

0.06 %

0.05%

Rate of burden of corporate tax and other taxes after the applicationof tax effect accounting

0.08 %

0.08%

Notes on Financial Instruments
For the 8th fiscal period (From January 1, 2021 to June 30, 2021)
1.Situation of financial instruments(1) Policy for financial instruments
CSIF procures funds for acquiring new assets or repaying loans through loans from financial institutions, issuring investment
corporation bond or issuing investment units. The basic policy is to build stable and sound financial operations to maintain andincrease earnings in the medium to long term and grow the size and value of assets(2) Details of the financial instruments and their risks and the risk management system
Long-term loans payables are one of the means to procure the funds for the acquisition of managed assets and are exposed tointerest rate fluctuation risk and liquidity risk, among other risks. However, this risk is deducted through the appropriate balancing of
the loan period and the interest rate type, and diversification of lenders, and the appropriate management of various types ofindexes, especially the general application of the upper limit of the ratio of interest-bearing, which is 60%.
(3) Supplementary explanation on fair value of financial instruments
The fair values of financial instruments are values based on market prices, or if there are no market prices, values are reasonably
calculated. Since certain assumptions are used for the calculation of fair values, they may change if different assumptions are used.

Difference(1) Cash and deposits

4,611,954

4,611,954－(2) Operating accounts receivable

1,006,913

1,006,913－

15,60015,600－5,634,467

5,634,467－(4) Current portion of long-term loans
payable2,270,023

2,271,482

1,459(5) Long-term loans payable

36,206,482

36,370,362

163,879(6) Investment corporation bond

4,900,000

4,889,550(10,450)

43,376,505

43,531,378

154,889－－－(3) Long-term deposits

Notes on Tax Effect Accounting
1.Breakdown of deferred tax assets and deferred tax liabilities by major cause

Effective statutory tax rate

Book value

Total assets

Total liabilities(7) Derivative transaction(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Assets(1) Cash and deposits (2) Operating accounts receivable
These financial instruments are settled in the short term, and their fair values are deemed to approximate their book value. Therefore, the book values are used as
the values.
(3) Long-term deposits
These financial instruments are fixed deposits and there is no significant fluctuation between estimated interest rates upon
new deposit and engaged rates of interest and their fair market values approximate their book values. Therefore, the bookvalues are used as the values.
Liabilities(4) Current portion of long-term loans payable (5) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every certain period is applied to loans, and thus
the market value is considered to be close to the book value. Accordingly, the book value is used. In addition, for the long-term loans payable at variable interest
rates subject to the special treatment of interest rate swap (refer to (7) 2. below), the fair value is measured by discounting the total sum of the principal and interest
treated together with the said interest rate swap as one at the interest rate that is applied when the similar loan is obtained and that is reasonably estimated.
(6) Investment corporation bondFair value is based on market value.
(7) Derivative transaction
1. Those to which hedge accounting is not applied
Not applicable.
2. Those to which hedge accounting is applied(unit: thousand yen)
Method of hedge
accounting
Special treatment ofinterest rate swap

Type of derivativetransactions and othermatters
Interest rate swap
transaction
Fixed payment/variable
receipt

Contract amount and other amounts
Major items hedged

Long-term loans
payable36,176,505

Longer than
one year

Fair value

Method ofcalculation of said
market value

33,906,482(Note)－(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and the long-termloans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (4) Current portion of long-term loans
payable and (5) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among other matters” .
(Note 2) Scheduled redemption amounts of monetary receivables after the closing date (June 30, 2021)
Within one year

(Unit: thousand yen)

Longer than one
year, within two
years

Longer than two
years, within threeyears

Longer than three
years, within fouryears

Longer than four
years, within fiveyears

Longer than fiveyears

(1) Cash and deposits

4,611,954

－

－

－

－

－

(2) Operating accounts receivable

1,006,913

－

－

－

－

(3) Long-term deposits－
5,618,867－－
15,600－－－－15,600－－－Longer than two
years, within threeyears

Longer than three
years, within fouryears

Longer than four
years, within five
years

Total

(Note 3) Scheduled redemption amount of loans payables after the closing date (June 30, 2021)
Within one year
(4) Current portion of long-termloans payable(5) Long-term loans payable(6) Investment corporation bond
Total

58

Longer than one
year, within two
years(Unit: thousand yen)
Longer than fiveyears

2,270,023

－

－

－

－

－

－

4,561,543

2,267,295

2,206,896

2,301,459

24,869,286－
2,270,023－
4,561,543－
2,267,295

1,100,000

3,800,000

3,306,896

6,101,459－
24,869,286

59

For the 9th fiscal period (From July 1, 2021 to December 31, 2021)
1.Situation of financial instruments(1) Policy for financial instruments
CSIF procures funds for acquiring new assets or repaying loans through loans from financial institutions, issuring investment
corporation bond or issuing investment units. The basic policy is to build stable and sound financial operations to maintain andincrease earnings in the medium to long term and grow the size and value of assets(2) Details of the financial instruments and their risks and the risk management system
Long-term loans payables are one of the means to procure the funds for the acquisition of managed assets and are exposed tointerest rate fluctuation risk and liquidity risk, among other risks. However, this risk is deducted through the appropriate balancing of
the loan period and the interest rate type, and diversification of lenders, and the appropriate management of various types ofindexes, especially the general application of the upper limit of the ratio of interest-bearing, which is 60%.
(3) Supplementary explanation on fair value of financial instruments
The fair values of financial instruments are values based on market prices, or if there are no market prices, values are reasonably
calculated. Since certain assumptions are used for the calculation of fair values, they may change if different assumptions are used.
2. Matters relating to fair values of financial instruments
The table below shows the book value and fair values of financial instruments as of December 31, 2021 and the difference between
them. Financial instruments whose fair values are extremely difficult to estimate are not included in the table.
(Unit: thousand yen)Book value

Fair value

Difference(1) Current portion of long-term loans
payable2,248,718

2,250,554

1,835(2) Long-term loans payable

32,788,321

32,993,351

205,030(3) Investment corporation bond

4,900,000

4,891,090(8,910)39,937,039

40,134,995

197,955－－－

Total liabilities(4) Derivative transaction(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of long-term loans payable (2) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every certain period is applied to loans, and thus
the market value is considered to be close to the book value. Accordingly, the book value is used. In addition, for the long-term loans payable at variable interest
rates subject to the special treatment of interest rate swap (refer to (4) 2. below), the fair value is measured by discounting the total sum of the principal and interest
treated together with the said interest rate swap as one at the interest rate that is applied when the similar loan is obtained and that is reasonably estimated.
(3) Investment corporation bondFair value is based on market value.
(4) Derivative transaction
1. Those to which hedge accounting is not applied
Not applicable.
2. Those to which hedge accounting is applied(Unit : thousand yen)
Method of hedge
accounting
Special treatment ofinterest rate swap

Type of derivativetransactions and othermatters
Interest rate swap
transaction
Fixed payment/variable
receipt

Contract amount and other amounts
Major items hedged

Long-term loans
payable35,037,039

Longer than
one year

Fair value

Method ofcalculation of said
market value

32,788,321(Note)－(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and the long-termloans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-term loans
payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among other matters” .
(Note 2) Scheduled redemption amount of loans payables after the closing date (December 31, 2021)
Within one year

Longer than two
years, within threeyears

Longer than three
years, within fouryears

Longer than four
years, within fiveyears

Longer than fiveyears

2,248,718

2,275,477

2,228,931

2,270,245

2,256,998

23,756,669(2) Investment corporation bond－
2,248,718－
2,275,477

1,100,000－
2,270,245

3,800,000－
23,756,669

3,328,931(Unit: thousand yen)

6,056,998

Fiscal period ended

Fiscal period ended

June 30, 2021

December 31, 2021

Book value (Note 2)
Beginning balance

45,329,524

75,265,664

Change during the period (Note 3)

29,936,139(1,407,212)

Ending balance

75,265,664

73,858,451

79,037,000

77,172,000

Fair value at the end of the period(Note 4)(Note 1) The real estate that CSIF holds is real estate to be provided for the use of renewable energy power generation facilities, and thus with respect to the book value and thefair value, the amount of the renewable energy power generation facilities and real estate are stated together as one.
(Note 2) The book value for the balance sheet is the amount at acquisition cost less the accumulated depreciation.
(Note 3) The change during the period ended June 30, 2021 primarily consisted of the increase due to acquisition of two photovoltaic power generation facilities (31,110,809
thousand yen), and the decrease due to depreciation expenses (1,258,296 thousand yen). And the change during the period ended December 31, 2021 primarily
consisted of the increase due to capital expenditure for photovoltaic power generation facilities (56,299 thousand yen), and the decrease due to depreciation expenses(1,451,961 thousand yen).
(Note 4) The fair value is the total sum of the median amount that we calculated according to Article 41, paragraph 1 of the CSIF's Articles of Incorporation on the basis of theappraised value in the range stated in the valuation report with the date of the value opinion on June 30, 2021 and December 31, 2021, which was obtained fromPricewaterhouseCoopers Sustainability LLC (for S-01 to S-18). And, the fair value is the total sum of the median amount on the basis of the appraised value stated in thevaluation report with the date of the value opinion on June 30, 2021, which was obtained from E&Y Strategy and Consulting Co., Ltd. and the valuation opinion on
December 31, 2021, which was obtained from Kroll International Inc (for S-19 to S-25).The fair value which is the total sum of the median amount stated in the valuation
report of Kroll International Inc is rounded down to the nearest million yen.

In addition, profits and losses from the renewable energy power generation facilities, etc. for the fiscal period ended June 30, 2021 (the 8th
period) and the fiscal period ended December 31, 2021 (the 9th period) are as stated in the “Notes to statement of income” above.
Notes on Restriction for Asset Management
Not applicable.
Notes on Related Party Transaction
For prior period (from January 1, 2021 to June 30, 2021)
Attribute

Name

Address

Capital(in JPY
thousand)

RelatedParty of
Main
Investor

LOHAS ECE 2
G.K.

50F Shinjuku
Mitsui Bldg.,
Nishi-shinjuku
2-1-1,
Shinjuku-ku,
Tokyo JAPAN100

RelatedParty of
Main
Investor

Tida Power 45
G.K.

50F Shinjuku
Mitsui Bldg.,
Nishi-shinjuku
2-1-1,
Shinjuku-ku,
Tokyo JAPAN0Interested
Party of
Asset
Manager

50F Shinjuku
Mitsui Bldg.,
Canadian Solar
Nishi-shinjuku
O&M Japan
2-1-1,
K.K.
Shinjuku-ku,
Tokyo JAPAN(Unit: thousand yen)

Longer than one
year, within two
years(1) Long-term loans payable
Total

Notes on Investment and Rental Property
CSIF has renewable energy power generation facilities, etc. The book value change during the period and fair value at the end of theperiod are as shown below.

100,000

Business

Development,
Acquisition,
Building,
Posession andOperation, etc.
of Renewableenergy power
generation
facilities, etc.
Development,
Acquisition,
Building,
Posession andOperation, etc.
of Renewableenergy power
generation
facilities, etc.
Operation and
Maintenance

Number ofUnits Hold
(Held)

RelationshipTransaction
Amount(in JPY
thousand)EndingBalance(in JPY
thousand)Business
RelationshipTransaction－

Acquisitionof SolarNotPower
applicable
Generation
Facilities

Acquisitionof Solar
Power
Generation
Facilities

27,851,000

－

－

－

Acquisitionof SolarNotPower
applicable
Generation
Facilities

Acquisitionof Solar
Power
Generation
Facilities

2,745,000－－－

Outsourcing
Payment
Not
of Operationof O&Mapplicable andFee
Maintenance

Concurrent
Position of
Executive

Account(Note 1) (Note 2)

228,525(Note 1)

Accounts
Payable79,837(Note 1) The amounts exclude consumption taxes.
(Note 2) The condition of transactions are referring to market prices etc.

For current period (from July 1, 2021 to December 31, 2021)
Attribute

Interested
Party of
Asset
Manager

Name

Address

50F Shinjuku
Mitsui Bldg.,
Canadian Solar
Nishi-shinjuku
O&M Japan
2-1-1,
K.K.
Shinjuku-ku,
Tokyo JAPAN

Capital(in JPY
thousand)Business

100,000

Operation and
Maintenance

Number ofUnits Hold
(Held)－

Relationship
Concurrent
Position of
Executive

Business
RelationshipTransactionOutsourcing
Payment
Not
of Operationof O&Mapplicable andFee
MaintenanceTransaction
Amount(in JPY
thousand)Account(Note 1) (Note 2)

254,653

EndingBalance(in JPY
thousand)(Note 1)

Accounts
Payable47,248(Note 1) The amounts exclude consumption taxes.
(Note 2) The condition of transactions are referring to market prices etc.

6061Notes on Per Unit Information
Prior fiscal period

Current fiscal period

From January 1,2021
to June 30, 2021

From July 1, 2021
December 31, 2021

Net assets per unit
Net income per unit

104,463 yen
3,234 yen

Net income per unit is calculated by dividing net income by theaverage number of investment units during the period.
With respect to diluted profit per unit for the period, there are no
dilutive investment units, and thus the statement is omitted.

Net assets per unit
Net income per unit

103,665 yen
2,902 yen

Net income per unit is calculated by dividing net income by theaverage number of investment units during the period.
With respect to diluted profit per unit for the period, there are no
dilutive investment units, and thus the statement is omitted.

(Note) The basis of calculation of net income (net loss) per unit is as follows.

Net income (Net loss) (Thousand yen)Amount not attributable to common unit holders (Thousand yen)
Net income (Net loss) attributable to Common unit holders (Thousand yen)
Average number of investment units during the period (Units)

Notes on Subsequent Event after the Balance Sheet Date
For the 8th fiscal period (From January 1, 2021 to June 30, 2021)
Not applicable.
For the 9th fiscal period (From July 1, 2021 to December 31, 2021)
Not applicable.
Notes on Revenue Recognition
Not applicable.

Prior fiscal period

Current fiscal period

From January 1, 2021
to June 30, 2021

From July 1, 2021
December 31, 2021

1,073,324

1,122,211－－

1,073,324

1,122,211

331,820

386,656

I Unappropriated retained earnings (accumulated
deficit)
II Distributions in excess of retained earnings
Deduction from unitholders’ capital
III Cash distributions(Cash distributions per unit)
Profit distributions(Profit distributions per unit)
Distributions in excess of retained earnings(Distributions in excess of retained earnings)
IV Retained earnings (deficit) carried forward
Calculation method for cash distributions

Fiscal Period under Review

Fiscal Period under Review(From January 1, 2021
to June 30, 2021)(From July 1, 2021
to December 31, 2021)

1,073,432,803 Yen

1,122,287,453 Yen

357,270,144 Yen
1,430,627,200 Yen(3,700)Yen
1,073,357,056 Yen(2,776)Yen
357,270,144 Yen(924)Yen
75,747 Yen
In accordance with Articles 47, Paragraph
1 of Canadian Solar Infrastructure Fund, Inc.
(“CSIF’) s Articles of Incorporation, theamount of cash distributions shall be theamount of profit in excess of an amountequivalent to 90% of distributable profits, as
stipulated in Article 67-15 of the Act on
Special Measures Concerning Taxation.
Based on this policy, CSIF decided to make
distributions of ¥1,073,357,056 which is theentire amount equivalent to theunappropriated retained earnings for the
fiscal period under review of ¥1,073,432,803
excluding fractions of the distribution per unitthat are less than ¥1.
CSIF distributes cash in excess of retained
earnings every fiscal period based on the
cash distribution policy prescribed in Article
47, Paragraph 2 of CSIF’s Articles ofIncorporation. Based on this policy, CSIF
decided to make cash distributions in excessof earnings (return of capital categorized as a
distribution of the reduction in capital for
Japanese tax purposes) in the amount of¥357,270,144 which is equivalent to 28.4%of the amount of depreciation expenses
recorded for the fiscal period under review of¥1,258,689,411.
Accordingly, the distribution per unit is¥3,700.

327,884,288 Yen
1,449,960,000 Yen(3,750) Yen
1,122,075,712 Yen(2,902) Yen
327,884,288 Yen(848) Yen
211,741 Yen
In accordance with Articles 47, Paragraph
1 of Canadian Solar Infrastructure Fund, Inc.
(“CSIF’) s Articles of Incorporation, theamount of cash distributions shall be theamount of profit in excess of an amountequivalent to 90% of distributable profits, as
stipulated in Article 67-15 of the Act on
Special Measures Concerning Taxation.
Based on this policy, CSIF decided to make
distributions of ¥1,122,075,712 which is theentire amount equivalent to theunappropriated retained earnings for the
fiscal period under review of ¥1,122,287,453
excluding fractions of the distribution per unitthat are less than ¥1.
CSIF distributes cash in excess of retained
earnings every fiscal period based on the
cash distribution policy prescribed in Article
47, Paragraph 2 of CSIF’s Articles ofIncorporation. Based on this policy, CSIF
decided to make cash distributions in excessof earnings (return of capital categorized as a
distribution of the reduction in capital for
Japanese tax purposes) in the amount of¥327,884,288 which is equivalent to 22.6%of the amount of depreciation expenses
recorded for the fiscal period under review of¥1,452,355,201.
Accordingly, the distribution per unit is¥3,750.

(Note) Distributions in excess of retained earnings per unit will generally be based on the cash distribution policy prescribed in CSIF’s Articles of Incorporation and the AssetManager’s asset management guideline.
CSIF intends to make cash distributions of NCF within the FCF generated from the renewable energy power generation facilities. The amount available for distribution shallbe calculated by multiplying NCF by the payout ratio.
Further, CSIF intends to make distributions in excess of retained earnings for each fiscal period in order to realize such policy.
CSIF’s forecasts (including revised forecasts) for each fiscal period are based on the assumption of the Forecast Power Generation (P50) provided in the independent
technical report which is used as a basis for calculating rents for renewable energy power generation facilities and if actual NCF calculated based on actual power generation
during the applicable fiscal period exceeds forecast NCF, CSIF’s policy is to set “forecast NCF multiplied by the payout ratio” as the upper limit of the amount of cash
distributions for the applicable fiscal period.
On the other hand, if actual NCF is less than forecast NCF, CSIF’s policy is to set “actual NCF multiplied by the payout ratio” as the amount of cash distributions for theapplicable fiscal period.
Based on this policy, CSIF decided to make distributions for the previous fiscal period of ¥1,430,627,200 which is equivalent to 91.4% of forecast NCF amount for the fiscal
period under review of ¥1,564,321,798. Of this, ¥357,270,144 which is the amount less of distributions of profit of ¥1,073,357,056 is distributions in excess
of retained earnings.
Based on this policy, CSIF decided to make distributions for the current fiscal period of ¥1,449,960,000 which is equivalent to 82.3% of forecast NCF amount for the fiscal
period under review of ¥1,761,854,843. Of this, ¥327,884,288 which is the amount less of distributions of profit of ¥1,122,075,712 is distributions in excess of retained
earnings.

62

63

(unit: thousand yen)

8th period

9th period(From January 1, 2021
to June 30, 2021)(From July 1, 2021
to December 31, 2021)

Scope of funds in statement of cash
flows

Cash flows from operating activities
Income (Loss) before income taxes

1,074,191

1,123,156

Depreciation cost

1,258,689

1,452,355

Investment unit issuance costs

72,734－

Amortization of investment corporation bond issuance expenses

2,514

2,779

(35)

(26)

164,082

179,607－(411)

Interest income and dividends
Interest expenses
Other non-operating income
Loss on retirement of non-current assets

23,63010,309Decrease (Increase) in operating accounts receivable(644,706)

249,570

Decrease (Increase) in account receivable(75,459)

75,459(2,468,252)

2,493,297

Decrease (Increase) in consumption taxes receivable
Decrease (Increase) in consumption taxes payable(9,989)282,442

Decrease (Increase) in prepaid expenses

18,744(88,078)

Decrease (Increase) in long-term prepaid expenses(336,693)

38,533

Increase (Decrease) in operating accounts payable(12,894)(5,601)

Increase (Decrease) in accounts payable - other

16,91630,089

Increase (Decrease) in accrued expenses(2,242)(12,051)

Other, net

3,935(63,011)Sub-total(914,834)

5,768,420Interest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities

Summary of Significant Accounting Policies

35

26(151,529)(178,642)

(885)

(864)

(1,067,212)

5,588,939

From January 1, 2021
To June 30, 2021

From July 1, 2021
To December 31, 2021

Funds (cash and cash equivalents) in statement ofcash flows consist of cash on hand, demand
deposits and short-term investments with a maturityof three months or less at the date of acquisition
that can readily be converted into cash and that are
subject to insignificant risks of changes in value.

Funds (cash and cash equivalents) in statement ofcash flows consist of cash on hand, demand
deposits and short-term investments with a maturityof three months or less at the date of acquisition
that can readily be converted into cash and that are
subject to insignificant risks of changes in value.

Notes to Statement of Cash Flows*1 Relationship between the ending balance of cash and cash equivalents and the amounts on the balance sheet
From January 1, 2021
To June 30, 2021
*1 Summary of purchases of property and equipment(as of June 30, 2021)
Purchase prices of property and equipment
in 7th period
Retrun of purchase prices of property andequipment purchased in previous years
Purchase prices of property and equipment(unit: thousand yen)

(30,614,353)－(30,614,353)*2 Relationship between the ending balance of cash and cash
equivalents and the amounts on the balance sheet(as of June 30, 2021)
Cash and deposits
Term deposits over three months
Cash and cash equivalents(unit: thousand yen)

4,611,954－
4,611,954

From July 1, 2021
To December 31, 2021
*1 Summary of purchases of property and equipment(as of December 31, 2021)
Purchase prices of property and equipment
in 7th period
Retrun of purchase prices of property andequipment purchased in previous years
Purchase prices of property and equipment(unit: thousand yen)

(229,777)－(229,777)*2 Relationship between the ending balance of cash and cash
equivalents and the amounts on the balance sheet(as of December 31, 2021)
Cash and deposits
Term deposits over three months
Cash and cash equivalents(unit: thousand yen)

5,101,023－
5,101,023

Cash flows from investing activities
Purchases of property and equipment※1

Purchases of intangible assets(30,614,353)※1(402,959)

Payment of investment in capital
Net cash provided by (used in) investing activities(229,777)
－

(10)

－

(31,017,322)(229,777)

Cash flows from financing activities
Proceeds from long-term loans payable

19,300,000－

Repayment of long-term loans payable(6,865,735)(3,439,466)

Proceeds from investment corporation bond issuance

3,800,000－

Payment of investment corporation bond issuance costs(19,000)－

Proceeds from issuance of investment units

18,580,829－

Payment of investment units issuance costs(72,734)－

Dividends paid

(716,457)(1,073,357)

Surplus earning distribution paid

(138,945)(357,270)

Net cash provided by (used in) financing activities

33,867,956(4,870,093)

Net increase (decrease) in cash and cash equivalents

1,783,421

489,069

Cash and cash equivalents at the beginning of the fiscal period

2,828,532

4,611,954

Cash and cash equivalents at the end of the fiscal period※24,611,954※2

5,101,023(Note) The statement of cash flow is prepared based on the "Regulations Concerning Terminology, Forms, and Preparation Methods of Financial Statements" (Ministry of FinanceRegulation No.59, 1963) and attached as the reference information. This statement of cash flow is not subject to the financial audit by an accounting auditor according to the
Article 130 in the Act on Investment Trusts and Investment Corporations and so it has not undergone an accounting audit by an accounting auditor.

64

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